3.Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. ### Financial Accounting Overview: Reliance Financial Services - July Transactions#### IntroductionSeth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services provides financial planning advice to its clients, resulting in various transactions impacting assets, liabilities, and stockholders’ equity. The following table summarizes these effects for the month of July, detailing the balances after each transaction.#### Detailed Transaction Table| Transaction | Assets | = Liabilities | + Stockholders' Equity ||-------------|----------------------------------------|--------------------------|------------------------------------------------------|| | Cash | + Receivable | + Supplies | = Payable | Common Stock | - Dividends | Fees Earned | - Salaries Expense | - Rent Expense | - Auto Expense | - Supplies Expense | - Misc. Expense || a. | +53,000| | | | +53,000 | | | | | | | || b. | | +6,000 | | +6,000 | | | | | | | | || Bal. | 53,000 | 6,000 | | 6,000 | 53,000 | | | | | | | || c. | -3,500 | | | -3,500 | | | | | | | | || Bal. | 49,500 | 6,000 | | 2,500 | 53,000 | | | | | | | || d. |+108,000| | | | | |+108,000 | | | | | || Bal. |157,500 | 6,000 | | 2,500 | 53,000 | | 108,000 | | | | | || e. | -33,400| | | | | | | | -33,400 | | | || Bal. |124,100 | 6,000 | | ### Transcript for Educational Website**Balance Sheet Overview**The balance sheet captures the financial standing of an entity at different points. Below is a representation showing various financial transactions and the resulting balances across different accounts.---| **** | **Account 1** | **Account 2** | **Account 3** | **Account 4** | **Account 5** | **Account 6** | **Account 7** | **Account 8** ||-------|-----------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|| **Bal.** | **103,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-33,400** | **-15,200** | **-5,900** || **g.** | **-59,000** | | | | | **-59,000** | | || **Bal.** | **44,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-59,000** | **-33,400** | **-15,200** | **-5,900** || **h.** | **-3,900** | | | | | | | **-3,900** || **Bal.** | **44,000** | **2,100** | **2,500** | **53,000** | **108,000** | **-59,000** | **-33,400** | **-15,200** | **-3,900** || **i.** | **+50,100** | | | | **+50,100** | | | **-5,900** || **Bal.** | **44,000** | **50,100** | **2,100** | **2,500** | **53,000** | **158,100** | **-59,000** |

Balance sheet is the financial statement which is prepared for the purpose of knowing the financial…

Answered: Seth Feye established Reliance…

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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3.	Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.

### Financial Accounting Overview: Reliance Financial Services - July Transactions

#### Introduction

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services provides financial planning advice to its clients, resulting in various transactions impacting assets, liabilities, and stockholders’ equity. The following table summarizes these effects for the month of July, detailing the balances after each transaction.

#### Detailed Transaction Table

| Transaction | Assets | = Liabilities | + Stockholders' Equity |
|-------------|----------------------------------------|--------------------------|------------------------------------------------------|
| | Cash | + Receivable | + Supplies | = Payable | Common Stock | - Dividends | Fees Earned | - Salaries Expense | - Rent Expense | - Auto Expense | - Supplies Expense | - Misc. Expense |
| a. | +53,000| | | | +53,000 | | | | | | | |
| b. | | +6,000 | | +6,000 | | | | | | | | |
| Bal. | 53,000 | 6,000 | | 6,000 | 53,000 | | | | | | | |
| c. | -3,500 | | | -3,500 | | | | | | | | |
| Bal. | 49,500 | 6,000 | | 2,500 | 53,000 | | | | | | | |
| d. |+108,000| | | | | |+108,000 | | | | | |
| Bal. |157,500 | 6,000 | | 2,500 | 53,000 | | 108,000 | | | | | |
| e. | -33,400| | | | | | | | -33,400 | | | |
| Bal. |124,100 | 6,000 | |

### Transcript for Educational Website

**Balance Sheet Overview**

The balance sheet captures the financial standing of an entity at different points. Below is a representation showing various financial transactions and the resulting balances across different accounts.

---

| **** | **Account 1** | **Account 2** | **Account 3** | **Account 4** | **Account 5** | **Account 6** | **Account 7** | **Account 8** |
|-------|-----------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|
| **Bal.** | **103,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-33,400** | **-15,200** | **-5,900** |
| **g.** | **-59,000** | | | | | **-59,000** | | |
| **Bal.** | **44,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-59,000** | **-33,400** | **-15,200** | **-5,900** |
| **h.** | **-3,900** | | | | | | | **-3,900** |
| **Bal.** | **44,000** | **2,100** | **2,500** | **53,000** | **108,000** | **-59,000** | **-33,400** | **-15,200** | **-3,900** |
| **i.** | **+50,100** | | | | **+50,100** | | | **-5,900** |
| **Bal.** | **44,000** | **50,100** | **2,100** | **2,500** | **53,000** | **158,100** | **-59,000** |

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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