Im trying to complete a income statement a balance sheet and statement of owners equity t balance and t account charts with this information Craig Fisher started a lawn service called Craig’s Quick Cut to earn money over the summer months. Transactions for the month of June are listed below. (a) Invested cash in the business, $3,000. (b) Bought mowing equipment for $1,000: paid $200 in cash and promised to pay the balance over the next four months. (c) Paid garage rent for June, $50. (d) Provided lawn services for customers on account, $520. (e) Paid phone bill, $30. (f) Borrowed cash from the bank by signing a note payable, $500. (g) Bought lawn tools, $480. (h) Collected cash from customers for services performed on account in transaction (d), $400. (i) Paid associates for lawn work done during the first half of the month, $350. (j) Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), $200. (l) Earned lawn fees of $1,320: $600 in cash and $720 on account. (m) Paid associates for last half of month, $700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (o) Paid on note payable to bank, $100. (p) Withdrew cash for personal use, $200. Required: 1. Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 2. Foot and balance the T accounts where necessary. 3. Prepare a trial balance of the accounts as of June 30, 20--. 4. Prepare an income statement for the month ended June 30, 20--. 5. Prepare a statement of owner’s equity for the month ended June 30, 20--. 6. Prepare a balance sheet as of June 30, 20--.with the labels Labels Expenses For Month Ended June 30, 20-- June 30, 20-- Revenue Amount Descriptions Craig Fisher, Capital, June 30, 20-- Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses Total Investment Total Liabilities Total Liabilities and Owner’s Equity Withdrawals for June On the income statement i have figured out everything but the lawn fees and when i figure that out i can get the total at the end On the unadjusted t balance Im confused and stuck I need more information on how to figure these out so i can continue to finsih the rest

Im trying to complete a income statement a balance sheet and statement of owners equity t balance and t account charts with this information Craig Fisher started a lawn service called Craig’s Quick Cut to earn money over the summer months. Transactions for the month of June are listed below. (a) Invested cash in the business, $3,000. (b) Bought mowing equipment for $1,000: paid $200 in cash and promised to pay the balance over the next four months. (c) Paid garage rent for June, $50. (d) Provided lawn services for customers on account, $520. (e) Paid phone bill, $30. (f) Borrowed cash from the bank by signing a note payable, $500. (g) Bought lawn tools, $480. (h) Collected cash from customers for services performed on account in transaction (d), $400. (i) Paid associates for lawn work done during the first half of the month, $350. (j) Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), $200. (l) Earned lawn fees of $1,320: $600 in cash and $720 on account. (m) Paid associates for last half of month, $700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (o) Paid on note payable to bank, $100. (p) Withdrew cash for personal use, $200. Required: 1. Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 2. Foot and balance the T accounts where necessary. 3. Prepare a trial balance of the accounts as of June 30, 20--. 4. Prepare an income statement for the month ended June 30, 20--. 5. Prepare a statement of owner’s equity for the month ended June 30, 20--. 6. Prepare a balance sheet as of June 30, 20--.with the labels Labels Expenses For Month Ended June 30, 20-- June 30, 20-- Revenue Amount Descriptions Craig Fisher, Capital, June 30, 20-- Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses Total Investment Total Liabilities Total Liabilities and Owner’s Equity Withdrawals for June On the income statement i have figured out everything but the lawn fees and when i figure that out i can get the total at the end On the unadjusted t balance Im confused and stuck I need more information on how to figure these out so i can continue to finsih the rest

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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Im trying to complete a income statement a balance sheet and statement of owners equity t balance and t account charts with this information

Craig Fisher started a lawn service called Craig’s Quick Cut to earn money over the summer months.

Transactions for the month of June are listed below.

(a)	Invested cash in the business, $3,000.
(b)	Bought mowing equipment for $1,000: paid $200 in cash and promised to pay the balance over the next four months.
(c)	Paid garage rent for June, $50.
(d)	Provided lawn services for customers on account, $520.
(e)	Paid phone bill, $30.
(f)	Borrowed cash from the bank by signing a note payable, $500.
(g)	Bought lawn tools, $480.
(h)	Collected cash from customers for services performed on account in transaction (d), $400.
(i)	Paid associates for lawn work done during the first half of the month, $350.
(j)	Paid for gas and oil for the equipment, $60.
(k)	Paid cash on account for the mowing equipment purchased in transaction (b), $200.
(l)	Earned lawn fees of $1,320: $600 in cash and $720 on account.
(m)	Paid associates for last half of month, $700.
(n)	Reimbursed associates for costs incurred using their own vehicles for transportation, $150.
(o)	Paid on note payable to bank, $100.
(p)	Withdrew cash for personal use, $200.

Required:

1.	Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts.
2.	Foot and balance the T accounts where necessary.
3.	Prepare a trial balance of the accounts as of June 30, 20--.
4.	Prepare an income statement for the month ended June 30, 20--.
5.	Prepare a statement of owner’s equity for the month ended June 30, 20--.
6.	Prepare a balance sheet as of June 30, 20--.

with the labels

Labels Expenses For Month Ended June 30, 20-- June 30, 20-- Revenue Amount Descriptions Craig Fisher, Capital, June 30, 20-- Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses Total Investment Total Liabilities Total Liabilities and Owner’s Equity Withdrawals for June

On the income statement i have figured out everything but the lawn fees and when i figure that out i can get the total at the end

On the unadjusted t balance Im confused and stuck

I need more information on how to figure these out so i can continue to finsih the rest

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