First hint: The Cash column should equal $49,910, A/R $900, Supplies $800, Equipment $5200 (these are all under Assets and the balance along the bottom should equal these amounts)2nd hint: A/P column should be $52003rd hint: $9000 wasn't on account....so that means it is cash. Net income=10610Read the headings. Assets = Liabilities + Owners EquityIf you run stuck, please ask. Again, do not wait until the last minute to work on this assignment. Title: Accounting Finance ExerciseAs an accountant, your new client Michael Suze needs assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Equity.You explain to Michael how to show increases and decreases in assets, liabilities and owner’s equity accounts using the analysis template. To help Michael understand transaction analysis, you reconcile each side of the equation by balancing out each column at the end of the transactions. Complete the attached template using the following Accounts:CashAccounts ReceivableSuppliesEquipmentAccounts PayableNotes PayableSuze, CapitalSuze, DrawingService RevenueRent ExpenseSalary ExpenseUtilities ExpenseAdvertising ExpenseAssignment Requirements:Record the transactions listed below.Prepare an Income StatementPrepare a Statement of Owner’s EquityPrepare a Balance Sheet1-JulyOwner, Michael Suze invested $32,000 in his business, “Be Great Athletics”.2-JulyCompany paid monthly rent, $1200.3-JulyCompany bought supplies on account, $800.5-JulyCompany paid monthly advertising, $1325.9-JulyCompany performed services, $9,000.12-JulyOwner, Michael Suze, withdrew $2,000 for personal use.15-JulyCompany performed services on account for $7,400.17-JulyCompany paid monthly salaries, $2,500.20-JulyCompany made a payment on account, $800.23-JulyCompany received $6,500 from a customer on account.26-JulyCompany borrowed $11,000 from local bank.29-JulyCompany bought equipment on account for $5,200.30-JulyCompany paid monthly utilities, $765. **Educational Website: Understanding Accounting Worksheets**---This image represents an accounting worksheet designed to track transactions and balances over the month of July 2021. The worksheet is structured to illustrate the accounting equation: **Assets = Liabilities + Owner's Equity**. It is presented in a tabular format with columns for each category of accounts.### Table Explanation:#### Column Categories:1. **Date:** - Lists dates along with transaction types "bal" (balance) used to denote beginning balances and subsequent date entries for transactions within the month.2. **Assets:** - Consists of sub-columns: - **Cash:** Tracks cash transactions or balances. - **Accounts Receivable:** Amount owed by customers. - **Supplies:** Inventory of supplies. - **Equipment:** Assets related to equipment value.3. **Liabilities:** - Consists of sub-columns: - **Accounts Payable:** Amounts the company owes to suppliers. - **Notes Payable:** Written promises to pay a certain amount of money at a future date.4. **Owner's Equity:** - Includes: - **Maye, Capital:** Owner's initial investment or capital contributions. - **Maye, Drawing:** Withdrawals by the owner for personal use. - **Service Revenue:** Income earned from providing services. - **Expenses:** - **Advertising Expense:** Costs for promoting services/products. - **Rent Expense:** Costs for leasing property. - **Salary Expense:** Employee salary payments. - **Utilities Expense:** Costs for utilities (electricity, water, etc.).#### Transaction Rows:- Each row corresponds to a specific date. - "bal" indicates the balance carried over or applicable for computations on that date.- The rest of the table allows for recording specific monetary values next to the relevant headings and dates.### Usage:This worksheet format is commonly used in small businesses to monitor financial health by ensuring that the fundamental accounting equation (Assets = Liabilities + Owner’s Equity) holds true after each transaction. This format aids in systematic organization, accurate calculation of financial positions, and ensures comprehensive financial reporting.--- This tabular layout showcases a systematic approach to recording business transactions, demonstrating the fundamental principles of double-entry accounting.

Name: First hint: The Cash column should equal $49,910, A/R $900, Supplies $
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: First hint: The Cash column should equal $49,910, A/R $900, Supplies $800, Equipment $5200 (these are all under Assets and the balance along the bottom should equal these amounts)2nd hint: A/P column should be $52003rd hint: $9000 wasn't on account..

“Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Answered: Record the transactions listed below.…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

First hint: The Cash column should equal $49,910, A/R $900, Supplies $800, Equipment $5200 (these are all under Assets and the balance along the bottom should equal these amounts)

2nd hint: A/P column should be $5200

3rd hint: $9000 wasn't on account....so that means it is cash.

Net income=10610

Read the headings. Assets = Liabilities + Owners Equity

If you run stuck, please ask. Again, do not wait until the last minute to work on this assignment.

Title: Accounting Finance Exercise

As an accountant, your new client Michael Suze needs assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Equity.

You explain to Michael how to show increases and decreases in assets, liabilities and owner’s equity accounts using the analysis template. To help Michael understand transaction analysis, you reconcile each side of the equation by balancing out each column at the end of the transactions. Complete the attached template using the following Accounts:

Cash
Accounts Receivable
Supplies
Equipment
Accounts Payable
Notes Payable
Suze, Capital
Suze, Drawing
Service Revenue
Rent Expense
Salary Expense
Utilities Expense
Advertising Expense

Assignment Requirements:

Record the transactions listed below.
Prepare an Income Statement
Prepare a Statement of Owner’s Equity
Prepare a Balance Sheet

1-July	Owner, Michael Suze invested $32,000 in his business, “Be Great Athletics”.
2-July	Company paid monthly rent, $1200.
3-July	Company bought supplies on account, $800.
5-July	Company paid monthly advertising, $1325.
9-July	Company performed services, $9,000.
12-July	Owner, Michael Suze, withdrew $2,000 for personal use.
15-July	Company performed services on account for $7,400.
17-July	Company paid monthly salaries, $2,500.
20-July	Company made a payment on account, $800.
23-July	Company received $6,500 from a customer on account.
26-July	Company borrowed $11,000 from local bank.
29-July	Company bought equipment on account for $5,200.
30-July	Company paid monthly utilities, $765.

**Educational Website: Understanding Accounting Worksheets**

---

This image represents an accounting worksheet designed to track transactions and balances over the month of July 2021. The worksheet is structured to illustrate the accounting equation: **Assets = Liabilities + Owner's Equity**. It is presented in a tabular format with columns for each category of accounts.

### Table Explanation:

#### Column Categories:

1. **Date:**
- Lists dates along with transaction types "bal" (balance) used to denote beginning balances and subsequent date entries for transactions within the month.

2. **Assets:**
- Consists of sub-columns:
- **Cash:** Tracks cash transactions or balances.
- **Accounts Receivable:** Amount owed by customers.
- **Supplies:** Inventory of supplies.
- **Equipment:** Assets related to equipment value.

3. **Liabilities:**
- Consists of sub-columns:
- **Accounts Payable:** Amounts the company owes to suppliers.
- **Notes Payable:** Written promises to pay a certain amount of money at a future date.

4. **Owner's Equity:**
- Includes:
- **Maye, Capital:** Owner's initial investment or capital contributions.
- **Maye, Drawing:** Withdrawals by the owner for personal use.
- **Service Revenue:** Income earned from providing services.
- **Expenses:**
- **Advertising Expense:** Costs for promoting services/products.
- **Rent Expense:** Costs for leasing property.
- **Salary Expense:** Employee salary payments.
- **Utilities Expense:** Costs for utilities (electricity, water, etc.).

#### Transaction Rows:

- Each row corresponds to a specific date.
- "bal" indicates the balance carried over or applicable for computations on that date.
- The rest of the table allows for recording specific monetary values next to the relevant headings and dates.

### Usage:

This worksheet format is commonly used in small businesses to monitor financial health by ensuring that the fundamental accounting equation (Assets = Liabilities + Owner’s Equity) holds true after each transaction. This format aids in systematic organization, accurate calculation of financial positions, and ensures comprehensive financial reporting.

---

This tabular layout showcases a systematic approach to recording business transactions, demonstrating the fundamental principles of double-entry accounting.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Record the transactions listed below. Prepare an Income Statement Prepare a Statement of Owner’s Equity