E1.8 (LO 4, 5), AP Writing An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is as follows. Each increase and decrease in stockholders' equity is explained. Cash 1. +$15,000 2. -2,000 3. -750 4- +4,900 5. -1,500 6. -2,000 -850 +450 -3,900 7. 8. 9. 10. Assets + Accounts Receivable + $4,500 -450 + Supplies + +$750 Equipment +$5,000 Instructions a. Describe each transaction that occurred for the month. b. Determine how much stockholders' equity increased for the month. c. Compute the amount of net income for the month. Prepare financial statements. Liabilities Accounts Payable + Common Stock +$15,000 +$3,000 -1,500 + +500 Stockholders' Equity Rev. +$9,400 Retained Earnings Exp. - $ 850 -3,900 -500 Div. -$2,000 Service Revenue Rent Expense Sal./Wages Expense Utilities Expense

E1.8 (LO 4, 5), AP Writing An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is as follows. Each increase and decrease in stockholders' equity is explained. Cash 1. +$15,000 2. -2,000 3. -750 4- +4,900 5. -1,500 6. -2,000 -850 +450 -3,900 7. 8. 9. 10. Assets + Accounts Receivable + $4,500 -450 + Supplies + +$750 Equipment +$5,000 Instructions a. Describe each transaction that occurred for the month. b. Determine how much stockholders' equity increased for the month. c. Compute the amount of net income for the month. Prepare financial statements. Liabilities Accounts Payable + Common Stock +$15,000 +$3,000 -1,500 + +500 Stockholders' Equity Rev. +$9,400 Retained Earnings Exp. - $ 850 -3,900 -500 Div. -$2,000 Service Revenue Rent Expense Sal./Wages Expense Utilities Expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: accounting
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