Introduction:
Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic
Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:
a. Income Statement
b. Statement of Owner’s Equity
c.
d.
Requirement-1:
To analyse:
The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.
Requirement-2a:
To prepare:
The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.
Requirement-2b:
To prepare:
The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.
Requirement-2c:
To prepare:
The balance sheet of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the financial position of the company.
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Chapter 1 Solutions
ACCOUNTING PRINCIPLES 222 5/16 >C<
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