Booktement Of Owner's EquityPembroke started a business. During the first month (April 20--), the following transactions occurred.Invested cash in business, $19,000.Bought office supplies for $4,200: $1,800 in cash and $2,400 on account.Paid one-year insurance premium, $1,000.Earned revenues totaling $3,600: $1,500 in cash and $2,100 on account.Paid cash on account to the company that supplied the office supplies in transaction (b), $2,050.F. Paid office rent for the month, $700.. Withdrew cash for personal use, $150.The effect of each transaction is shown in the individual accounts of the expanded accounting equation.Liabilities +(Amts.Owed)a. 19,000b.(1,800)(1,000)d. 1,500C.Cash +e.f.(2,050)(700)9.(150)Bal. 14,800 +Revenues:Service feesExpenses:AssetsAccountsReceivableRent expenseCheck My Work(Items Owned)2,100Show Me How2,100++OfficeSupplies4,2004,200++$3,600PrepaidInsurance7001,0001,000=Print Item=The income statement for Jay Pembroke for the month ended April 30, 20-- is shown.Jay PembrokeIncome StatementFor Month Ended April 30, 20--=AccountsPayable2,400(2,050)+350 +(Owner's Investment)J. Pembroke,Capital19,00019,000Owner's Equity-J. Pembroke,Drawing150150(Earnings)+ Revenues - Expenses+3,6003,600 -700700DescriptionService feesRent expenseEmail InstructorSave and Ex 9.(150)Bal. 14,800 +<Revenues:Service feesThe income statement for Jay Pembroke for the month ended April 30, 20-- is shown.Jay PembrokeIncome StatementFor Month Ended April 30, 20--Expenses:Rent expenseNet income2,100 + 4,200Jay Pembroke, capital, April 1, 20--Investment during AprilTotal investmentNet income for AprilLess withdrawals for AprilIncrease in capital✓Jay Pembroke, capital, April 30, 20--FeedbackCheck My Work$3,600✓700$2,9001,000 =Required:Use the information to prepare a statement of owner's equity for Jay Pembroke for the month of April 20--. If an amount is zero, enter "0".Jay PembrokeStatement of Owner's EquityFor Month Ended April 30, 20--✓350 +E19,000150150 +All work saved.3,600 -Check My WorkFirst, consider what is included in a Statement of Owner's Equity. Then use the transaction information gathered and summarized in the accounting equation and the Income Statement provided to prepare the statement.700Email InstructorSa

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Description: Booktement Of Owner's EquityPembroke started a business. During the first month (April 20--), the following transactions occurred.Invested cash in business, $19,000.Bought office supplies for $4,200: $1,800 in cash and $2,400 on account.Paid one-yea

The impact of operational outcomes, capital infusions, and any other changes in the financial…

Business

Accounting

Statement of Owner's Equity For Month Ended April 30, 20-- Jay Pembroke, capital, April 1, 20-- Investment during April Total investment Net income for April Less withdrawals for April Increase in capital Jay Pembroke, capital, April 30, 20-- E

Statement of Owner's Equity For Month Ended April 30, 20-- Jay Pembroke, capital, April 1, 20-- Investment during April Total investment Net income for April Less withdrawals for April Increase in capital Jay Pembroke, capital, April 30, 20-- E

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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