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Homans Repair LTD was started on May 1, 20XX. A summary of May transactions is presented below: 1. Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in The Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid $1,000 cash dividends. 8. Paid part time employee salaries $1,000. 9. Paid utility bills $140. 10. Provided repair service on account to customers $980. 11. Collected cash of $120 for services billed in transaction (10). Instructions: Prepare a tabular analysis of the transactions based on the accounting equation. The accounts to be used are Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital and Retained Eamings. Cash + A/R + Supplies+ Equipment A/P+ Share Retained Remarks Capital+ Earnings

Homans Repair LTD was started on May 1, 20XX. A summary of May transactions is presented below: 1. Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in The Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid $1,000 cash dividends. 8. Paid part time employee salaries $1,000. 9. Paid utility bills $140. 10. Provided repair service on account to customers $980. 11. Collected cash of $120 for services billed in transaction (10). Instructions: Prepare a tabular analysis of the transactions based on the accounting equation. The accounts to be used are Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital and Retained Eamings. Cash + A/R + Supplies+ Equipment A/P+ Share Retained Remarks Capital+ Earnings

FINANCIAL ACCOUNTING
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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PROBLEMS Problem 1: Homans Repair LTD was started on May 1, 20XX. A summary of May transactions is presented below: 1. Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5, Incurred $250 of advertising costs in The Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid $1,000 cash dividends. 8. Paid part time employee salaries $1,000. 9. Paid utility bills $140, 10. Provided repair service on account to customers $980. 11. Collected cash of $120 for services billed in transaction (10). Instructions: Prepare a tabular analysis of the transactions based on the accounting equation. The accounts to be used are Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital and Retained Eamings. Cash + A/R + Supplies+ Equipment - A/P + Share Retained Remarks Capital+ Earnings Problem: 2 On August 31, 20XX, the statement of financial position of Nash Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable linary S I2 000 and Retained Dornings S700 During Sentambe
Transcribed Image Text:PROBLEMS Problem 1: Homans Repair LTD was started on May 1, 20XX. A summary of May transactions is presented below: 1. Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5, Incurred $250 of advertising costs in The Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid $1,000 cash dividends. 8. Paid part time employee salaries $1,000. 9. Paid utility bills $140, 10. Provided repair service on account to customers $980. 11. Collected cash of $120 for services billed in transaction (10). Instructions: Prepare a tabular analysis of the transactions based on the accounting equation. The accounts to be used are Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital and Retained Eamings. Cash + A/R + Supplies+ Equipment - A/P + Share Retained Remarks Capital+ Earnings Problem: 2 On August 31, 20XX, the statement of financial position of Nash Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable linary S I2 000 and Retained Dornings S700 During Sentambe
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