July Transactions Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter's Pool Corporation Peter's Pool Corporation Peter's Pool Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending July 31 For the Month Ending July 31 July 31 Revenues: Retained Earnings, July 1 Assets: Pool Repair Revenue Add: Net Income Cash Total Revenue Subtotal Repair Supplies Less: Dividends Prepaid Insurance Expenses: Retained Earnings, July 31 Repair Equipment Store Rent Expense Less: Accum. Dep - Repair Equipment. Telephone Expense Total Assets Insurance Expense Repair Supplies Exp. Liabilities and Stockholders' Equity Depreciation Exp. Liabilities: Income Tax Expense Accounts Payable Electric Expense Income Taxes Payable Total Expenses Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity

July Transactions Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter's Pool Corporation Peter's Pool Corporation Peter's Pool Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending July 31 For the Month Ending July 31 July 31 Revenues: Retained Earnings, July 1 Assets: Pool Repair Revenue Add: Net Income Cash Total Revenue Subtotal Repair Supplies Less: Dividends Prepaid Insurance Expenses: Retained Earnings, July 31 Repair Equipment Store Rent Expense Less: Accum. Dep - Repair Equipment. Telephone Expense Total Assets Insurance Expense Repair Supplies Exp. Liabilities and Stockholders' Equity Depreciation Exp. Liabilities: Income Tax Expense Accounts Payable Electric Expense Income Taxes Payable Total Expenses Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity

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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July Transactions
Date	Transaction Description
July 1	Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.
July 1	Paid the premium on a 1-year insurance policy, $4,800.
July 1	Paid the current month's store rent expense, $3,600.
July 6	Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.
July 8	Purchased repair supplies from Mary's Repair Company on credit, $450.
July 10	Paid telephone bill, $300.
July 11	Cash pool service revenue for the first third of July, $2,650.
July 18	Made payment to Mary's Repair Company, $300.
July 20	Cash pool service revenue for the second third of July, $4,000.
July 31	Cash pool service revenue for the last third of July, $2,250.
July 31	Paid the current month's electric bill, $500.
July 31	Declared and paid cash dividend of $1,100.

Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.


Peter's Pool Corporation	Peter's Pool Corporation	Peter's Pool Corporation
Income Statement	Statement of Retained Earnings	Balance Sheet
For the Month Ending July 31	For the Month Ending July 31	July 31

Revenues:		Retained Earnings, July 1	Assets:
Pool Repair Revenue		Add: Net Income	Cash
Total Revenue		Subtotal	Repair Supplies
		Less: Dividends	Prepaid Insurance
Expenses:		Retained Earnings, July 31	Repair Equipment
Store Rent Expense			Less: Accum. Dep - Repair Equipment.
Telephone Expense			Total Assets
Insurance Expense
Repair Supplies Exp.			Liabilities and Stockholders' Equity
Depreciation Exp.			Liabilities:
Income Tax Expense			Accounts Payable
Electric Expense			Income Taxes Payable
Total Expenses			Total Liabilities

Net Income			Stockholders' Equity:
			Common Stock
			Retained Earnings
			Total Stockholders' Equity

			Total Liabilities & Stockholders' Equity

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