Statement of Owner's EquityFor the Year Ended April 30, 20Y21 Angelo Phelps, capital, May 1, 20Y12Net Loss3 Withdrawals4 Decrease in owner's equity5 Angelo Phelps, capital, April 30, 2012M(6,600.00)$473,800.00 InstructionsSelected accounts from the ledger of Masterpiece Arts for the fiscal year ended April 30, 20Y2, are as follows:Apr. 30Apr. 30July 31Oct. 31Jan. 31Angelo Phelps, Capital31,6006,600Angelo Phelps, Drawing1,6501,650May 1 (20Y1)1,650Apr. 30473,8006,600

Name: Statement of Owner's EquityFor the Year Ended April 30, 20Y21 Angelo
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Description: Statement of Owner's EquityFor the Year Ended April 30, 20Y21 Angelo Phelps, capital, May 1, 20Y12Net Loss3 Withdrawals4 Decrease in owner's equity5 Angelo Phelps, capital, April 30, 2012M(6,600.00)$473,800.00 InstructionsSelected accounts from the

The temporary accounts are closed to tje retained earnings or capital account. The capital decreases…

Business

Accounting

For the Year Ended April 30, 20Y2 1 Angelo Phelps, capital, May 1, 20Y1 2 Net loss 3 Withdrawals 4 Decrease in owner's equity 5 Angelo Phelps, capital, April 30, 2012 ✓ ✓ ✓ (6,600.00) $473,800.00

For the Year Ended April 30, 20Y2 1 Angelo Phelps, capital, May 1, 20Y1 2 Net loss 3 Withdrawals 4 Decrease in owner's equity 5 Angelo Phelps, capital, April 30, 2012 ✓ ✓ ✓ (6,600.00) $473,800.00

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Statement of Owner's Equity
For the Year Ended April 30, 20Y2
1 Angelo Phelps, capital, May 1, 20Y1
2
Net Loss
3 Withdrawals
4 Decrease in owner's equity
5 Angelo Phelps, capital, April 30, 2012
M
(6,600.00)
$473,800.00

Instructions
Selected accounts from the ledger of Masterpiece Arts for the fiscal year ended April 30, 20Y2, are as follows:
Apr. 30
Apr. 30
July 31
Oct. 31
Jan. 31
Angelo Phelps, Capital
31,600
6,600
Angelo Phelps, Drawing
1,650
1,650
May 1 (20Y1)
1,650
Apr. 30
473,800
6,600

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