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Oct   1:             Owner contributes 80,000 cash.           5:            Buy machine for 15,000 on account.           8:            Buy supplies for 3,500 cash          12:           Pay 13,300 towards the machine purchase          15:           Perform services of 14,000 on account          20:           Collect 6,000 of the 14,000          21:           Receive telephone bill of 350  (will pay next month)          24:           Machine depreciates by 4,700          28:           Supplies of 850 get used up          30:           Owner withdraws 12,000 cash Prepare three financial statements: Income Statement Owner’s Equity Statement Balance Sheet

Oct   1:             Owner contributes 80,000 cash.           5:            Buy machine for 15,000 on account.           8:            Buy supplies for 3,500 cash          12:           Pay 13,300 towards the machine purchase          15:           Perform services of 14,000 on account          20:           Collect 6,000 of the 14,000          21:           Receive telephone bill of 350  (will pay next month)          24:           Machine depreciates by 4,700          28:           Supplies of 850 get used up          30:           Owner withdraws 12,000 cash Prepare three financial statements: Income Statement Owner’s Equity Statement Balance Sheet

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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Oct   1:             Owner contributes 80,000 cash.

          5:            Buy machine for 15,000 on account.

          8:            Buy supplies for 3,500 cash

         12:           Pay 13,300 towards the machine purchase

         15:           Perform services of 14,000 on account

         20:           Collect 6,000 of the 14,000

         21:           Receive telephone bill of 350  (will pay next month)

         24:           Machine depreciates by 4,700

         28:           Supplies of 850 get used up

         30:           Owner withdraws 12,000 cash

  1. Prepare three financial statements:
  2. Income Statement
  3. Owner’s Equity Statement
  4. Balance Sheet
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