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studio. The following transactions occurred during September 2021: September 2 J. Jacob inherited $80,000 and deposited the cash in the business bank account. 3 8 10 15 18 23 26 29 30 Performed services for a client and received cash for $28,000. Paid off the beginning balance of accounts payable. Purchased supplies on account, $10,000. Collected cash from customer on account $4,000. Paid salaries of employees, 16,800. Consulted on the interior design of office building and billed the clients for services rendered 96,000. Recorded the following business expenses for the month: office rent, 18,000 and Advertising expense, $4,000. Sold supplies to another business for $3,000 cash which was the cost of the supplies. Withdrew cash of $10,000 for personal use.

studio. The following transactions occurred during September 2021: September 2 J. Jacob inherited $80,000 and deposited the cash in the business bank account. 3 8 10 15 18 23 26 29 30 Performed services for a client and received cash for $28,000. Paid off the beginning balance of accounts payable. Purchased supplies on account, $10,000. Collected cash from customer on account $4,000. Paid salaries of employees, 16,800. Consulted on the interior design of office building and billed the clients for services rendered 96,000. Recorded the following business expenses for the month: office rent, 18,000 and Advertising expense, $4,000. Sold supplies to another business for $3,000 cash which was the cost of the supplies. Withdrew cash of $10,000 for personal use.

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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Prepare a statement of comprehensive income.

Jhoza Jacob owns and operates the "Dyosa Designs", an interior design studio. The following transactions occurred during September 2021: September 2 J. Jacob inherited $80,000 and deposited the cash in the business bank account. 3 Performed services for a client and received cash for $28,000. 8 Paid off the beginning balance of accounts payable. Purchased supplies on account, $10,000. Collected cash from customer on account $4,000. Paid salaries of employees, 16,800. Consulted on the interior design of office building and billed the clients for services rendered #96,000. Recorded the following business expenses for the month: office rent, 18,000 and Advertising expense, $4,000. Sold supplies to another business for $3,000 cash which was the cost of the supplies. Withdrew cash of $10,000 for personal use. w 10 15 18 23 26 29 30 Information: 1. Analyze the effects of the preceding transactions on the accounting equation of Dyosa Designa. Consider the balances pf her business on September 1, 2021. Determine new balances after each transaction: Date Sep. 1 Cash Assets = liabilities + Owner's Equity Account Supplies Land payable 48,000 32,000 Account receivable 9,000 6,000 J. Jacob, Capital 31,000
Transcribed Image Text:Jhoza Jacob owns and operates the "Dyosa Designs", an interior design studio. The following transactions occurred during September 2021: September 2 J. Jacob inherited $80,000 and deposited the cash in the business bank account. 3 Performed services for a client and received cash for $28,000. 8 Paid off the beginning balance of accounts payable. Purchased supplies on account, $10,000. Collected cash from customer on account $4,000. Paid salaries of employees, 16,800. Consulted on the interior design of office building and billed the clients for services rendered #96,000. Recorded the following business expenses for the month: office rent, 18,000 and Advertising expense, $4,000. Sold supplies to another business for $3,000 cash which was the cost of the supplies. Withdrew cash of $10,000 for personal use. w 10 15 18 23 26 29 30 Information: 1. Analyze the effects of the preceding transactions on the accounting equation of Dyosa Designa. Consider the balances pf her business on September 1, 2021. Determine new balances after each transaction: Date Sep. 1 Cash Assets = liabilities + Owner's Equity Account Supplies Land payable 48,000 32,000 Account receivable 9,000 6,000 J. Jacob, Capital 31,000
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