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Analyse the accounts and their balances

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Reference no: EM132641133

Alice started a consulting business "Alice Consulting" on 1 July 2020. During the first month of operations, she completed six transactions which resulted in the following:

Capital $50,000

Cash 82,000

Unearned Service Revenue 40,000

Accounts Receivable 20,000

Service Revenue 20,000

Supplies 6,000

Withdrawals 5,000

Accounts payable 3,000

Utility payable 300

Utility expense 300

All the accounts have normal balances.

Question (a) Analyse the accounts and their balances and prepare list that describes each of the six (6) most likely transactions and their amounts.

Question (b) Analyse the above and prepare the necessary entries to record the transactions for July 2020. Dates and narrations are not required.

Question (c) Analyse the above and compute the total assets, total liabilities and total equity as at 31 July 2020. Show workings.

Question (d) Analyse the above and compute the total cash received, total cash paid and ending cash balance for July 2020. Show workings.

Question (e) Describe the differences between the Statement of Financial Position and Statement of Cash Flows.

Reference no: EM132641133

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