Help Today, a consultancy business run by Carmen Camry, started operations on August 1. The following accounts and balances for the month of August are shown in the company's records as of August 31. Cash $25,430 Consulting fees earned $27,080 Rent expense Accounts receivable 22,450 9,640 5,340 Salaries expense 5,680 44,080 Telephone expense 970 590 20,100 Miscellaneous expenses 10,480 Common stock 6,080 102,800 Office supplies Land Office equipment Accounts payable Dividends Create an August 31 balance statement for Help Today using the data above. (On August 1, the owner acquired common shares from the business in exchange for a cash investment of $102,800.)
Help Today, a consultancy business run by Carmen Camry, started operations on August 1. The following accounts and balances for the month of August are shown in the company's records as of August 31. Cash $25,430 Consulting fees earned $27,080 Rent expense Accounts receivable 22,450 9,640 5,340 Salaries expense 5,680 44,080 Telephone expense 970 590 20,100 Miscellaneous expenses 10,480 Common stock 6,080 102,800 Office supplies Land Office equipment Accounts payable Dividends Create an August 31 balance statement for Help Today using the data above. (On August 1, the owner acquired common shares from the business in exchange for a cash investment of $102,800.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Help Today, a consultancy business run by Carmen Camry, started
operations on August 1. The following accounts and balances for the
month of August are shown in the company's records as of August 31.
Cash
$25,430
Accounts receivable 22,450
5,340
Office supplies
Land
Office equipment
Accounts payable
Dividends
Consulting fees earned $ 27,080
Rent expense
9,640
Salaries expense
5,680
44,080 Telephone expense
970
590
20,100 Miscellaneous expenses
10,480 Common stock
6,080
102,800
Create an August 31 balance statement for Help Today using the data
above. (On August 1, the owner acquired common shares from the
business in exchange for a cash investment of $102,800.)
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