You have recently been hired by Trinity College as an accounting assistant. Trinity College is a private institution. During your first month as an employee of Trinity College, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2020. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2019. Firstly, you locate the account balances related to 30 September 2020:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2020. On Oct 1 2020, The owner withdrew $6,000 from the business bank account for personal reasons. On Oct 1 2020, Trinity College paid $6,000 towards the amount owed to R. Maskell. On Oct 1 2020Trinity College paid business insurance for the next 12 months - $72,000. On Oct 5 2020, The owner purchased a new desk for her office. The desk cost $6,000. On Oct 10 2020, Trinity College purchased supplies for the business - $27,000. On Oct 15 2020,Trinity College paid (late) the rent on the building for the month of October 2020 - $9,000. On Oct 15 2020, Trinity College hired a new accountant. On Oct 20 2020, received $5,400 from T. Steward. The Owner of the company also makes you aware of other facts which need to be reflected in the October 2020 accounting reports. He has provided you with documentary evidence of these facts. Monthly depreciation to be provided as follows – Furniture and Fittings $600, New desk $150 and Equipment $3,000. Salary of $3,000 is owed to the old accountant. III. A stock count revealed that $21,000 worth of supplies is on hand. During October, billed students - $60,000. However by the end of October, $45,000 worth of invoices had not been paid. Based on all the information received, please prepare in proper format, the financial statements for The Trinity College for October 2020. . The Income Statement. The Statement of owner’s equity. The Balance sheet.

You have recently been hired by Trinity College as an accounting assistant. Trinity College is a private institution. During your first month as an employee of Trinity College, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2020. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2019. Firstly, you locate the account balances related to 30 September 2020:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2020. On Oct 1 2020, The owner withdrew $6,000 from the business bank account for personal reasons. On Oct 1 2020, Trinity College paid $6,000 towards the amount owed to R. Maskell. On Oct 1 2020Trinity College paid business insurance for the next 12 months - $72,000. On Oct 5 2020, The owner purchased a new desk for her office. The desk cost $6,000. On Oct 10 2020, Trinity College purchased supplies for the business - $27,000. On Oct 15 2020,Trinity College paid (late) the rent on the building for the month of October 2020 - $9,000. On Oct 15 2020, Trinity College hired a new accountant. On Oct 20 2020, received $5,400 from T. Steward. The Owner of the company also makes you aware of other facts which need to be reflected in the October 2020 accounting reports. He has provided you with documentary evidence of these facts. Monthly depreciation to be provided as follows – Furniture and Fittings $600, New desk $150 and Equipment $3,000. Salary of $3,000 is owed to the old accountant. III. A stock count revealed that $21,000 worth of supplies is on hand. During October, billed students - $60,000. However by the end of October, $45,000 worth of invoices had not been paid. Based on all the information received, please prepare in proper format, the financial statements for The Trinity College for October 2020. . The Income Statement. The Statement of owner’s equity. The Balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2019. Firstly, you locate the account balances related to 30 September 2020:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000.

Secondly you identify the transactions that occurred during October 2020.

On Oct 1 2020, The owner withdrew $6,000 from the business bank account for personal reasons.
On Oct 1 2020, Trinity College paid $6,000 towards the amount owed to R. Maskell.
On Oct 1 2020Trinity College paid business insurance for the next 12 months - $72,000.
On Oct 5 2020, The owner purchased a new desk for her office. The desk cost $6,000.
On Oct 10 2020, Trinity College purchased supplies for the business - $27,000.
On Oct 15 2020,Trinity College paid (late) the rent on the building for the month of October 2020 - $9,000.
On Oct 15 2020, Trinity College hired a new accountant.
On Oct 20 2020, received $5,400 from T. Steward.

The Owner of the company also makes you aware of other facts which need to be reflected in the October 2020 accounting reports. He has provided you with documentary evidence of these facts.

Monthly depreciation to be provided as follows – Furniture and Fittings $600, New desk $150 and Equipment $3,000.
Salary of $3,000 is owed to the old accountant.

III. A stock count revealed that $21,000 worth of supplies is on hand.

During October, billed students - $60,000. However by the end of October, $45,000 worth of invoices had not been paid.

Based on all the information received, please prepare in proper format, the financial statements for The Trinity College for October 2020. .

The Income Statement.
The Statement of owner’s equity.
The Balance sheet.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 6 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.