Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets = Liabilities + Owner's Equity Cash + Supplies + Land = Accounts Payable + Kristoff Walker, Capital - Kristoff Walker, Drawing + Fees Earned - Expenses Bal. 23,700 3,100 59,300 6,400 79,700 1. +27,700 +27,700 2. -11,900 +11,900 3. -20,600 -20,600 4. +1,200 +1,200 5. -1,600 -1,600 6. -5,700 -5,700 7. -2,400 -2,400 Bal. 11,600 1,900 71,200 1,900 79,700 -1,600 27,700 -23,000 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. a. (5) Select the description for transaction 5. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7. b. What is the amount of the net decrease in cash during the month? $fill in the blank 8 c. What is the amount of the net increase in owner's equity during the month? $fill in the blank 9 d. What is the amount of the net income for the month? $fill in the blank 10 e. How much of the net income for the month was retained in the business?

Name: Teri West operates his own catering service. Summary financial data fo
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Description: Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equi

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1MP

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Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.

	Assets	=	Liabilities +		Owner's Equity
	Cash + Supplies + Land	=	Accounts Payable	+	Kristoff Walker, Capital	-	Kristoff Walker, Drawing	+	Fees Earned	-	Expenses
Bal.	23,700	3,100	59,300		6,400		79,700
1.	+27,700										+27,700
2.	-11,900		+11,900
3.	-20,600											-20,600
4.		+1,200			+1,200
5.	-1,600								-1,600
6.	-5,700				-5,700
7.		-2,400										-2,400
Bal.	11,600	1,900	71,200		1,900		79,700		-1,600		27,700	-23,000

a. (1) Select the description for transaction 1.

a. (2) Select the description for transaction 2.

a. (3) Select the description for transaction 3.

a. (4) Select the description for transaction 4.

a. (5) Select the description for transaction 5.

a. (6) Select the description for transaction 6.

a. (7) Select the description for transaction 7.

b. What is the amount of the net decrease in cash during the month?
$fill in the blank 8

c. What is the amount of the net increase in owner's equity during the month?
$fill in the blank 9

d. What is the amount of the net income for the month?
$fill in the blank 10

e. How much of the net income for the month was retained in the business?

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