Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow. Transactions a. Sara-Jayne Parsons invested $20,000 in cash to start the business. b. Paid $2,000 for advertisements in a design magazine. c. Purchased furniture for $4,100 in cash. d. Performed services for $6,050 in cash. e. Paid $240 for the monthly telephone bill. f. Performed services for $1,680 on credit. g. Purchased equipment, a fax machine, for $475; paid $75 in cash, with the balance due in 30 days. h. Paid a bill for $610 from the office cleaning service (debit miscellaneous expense). i. Received $1,660 from clients on account. j. Purchased furniture (office chairs) for $605; received credit terms of 30 days. k. Paid $4,600 for salaries. I. Issued a check for $255 in partial payment of the amount owed for furniture (office chairs). m. Received $2,420 in cash for services performed. n. Issued a check for $520 for utilities expense. o. Performed services for $2,210 on credit. p. Collected $960 from clients on account. q. Sara-Jayne Parsons withdrew $2,560 in cash for personal expenses. r. Paid $660 to Quick Copy for photocopy work performed during the month (debit miscellaneous expense).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

please help me prepare this, thank you!

Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow.
Transactions
a. Sara-Jayne Parsons invested $20,000 in cash to start the business.
b. Paid $2,000 for advertisements in a design magazine.
c. Purchased furniture for $4,100 in cash.
d. Performed services for $6,050 in cash.
e. Paid $240 for the monthly telephone bill.
f. Performed services for $1,680 on credit.
g. Purchased equipment, a fax machine, for $475; paid $75 in cash, with the balance due in 30 days.
h. Paid a bill for $610 from the office cleaning service (debit miscellaneous expense).
i. Received $1,660 from clients on account.
j. Purchased furniture (office chairs) for $605; received credit terms of 30 days.
k. Paid $4,600 for salaries.
I. Issued a check for $255 in partial payment of the amount owed for furniture (office chairs).
m. Received $2,420 in cash for services performed.
n. Issued a check for $520 for utilities expense.
o. Performed services for $2,210 on credit.
p. Collected $960 from clients on account.
q. Sara-Jayne Parsons withdrew $2,560 in cash for personal expenses.
r. Paid $660 to Quick Copy for photocopy work performed during the month (debit miscellaneous expense).
Transcribed Image Text:Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow. Transactions a. Sara-Jayne Parsons invested $20,000 in cash to start the business. b. Paid $2,000 for advertisements in a design magazine. c. Purchased furniture for $4,100 in cash. d. Performed services for $6,050 in cash. e. Paid $240 for the monthly telephone bill. f. Performed services for $1,680 on credit. g. Purchased equipment, a fax machine, for $475; paid $75 in cash, with the balance due in 30 days. h. Paid a bill for $610 from the office cleaning service (debit miscellaneous expense). i. Received $1,660 from clients on account. j. Purchased furniture (office chairs) for $605; received credit terms of 30 days. k. Paid $4,600 for salaries. I. Issued a check for $255 in partial payment of the amount owed for furniture (office chairs). m. Received $2,420 in cash for services performed. n. Issued a check for $520 for utilities expense. o. Performed services for $2,210 on credit. p. Collected $960 from clients on account. q. Sara-Jayne Parsons withdrew $2,560 in cash for personal expenses. r. Paid $660 to Quick Copy for photocopy work performed during the month (debit miscellaneous expense).
Prepare an income statement.
Revenue
Expenses
SARA-JAYNE PARSONS, ARCHITECT
Total expenses
Income Statement
Month Ended January 31, 20X1
Income Statement
Trial Balance
EA
0
0
Statement of O
Transcribed Image Text:Prepare an income statement. Revenue Expenses SARA-JAYNE PARSONS, ARCHITECT Total expenses Income Statement Month Ended January 31, 20X1 Income Statement Trial Balance EA 0 0 Statement of O
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education