Calculate the balance for each account

Assignment Help Financial Accounting

Reference no: EM133380004

Clarifications:

If you're selling a service, the account used is called, "Fees Earned."But, if you're selling a product/goods, then we will use "Sales"account.

Cheques means "Cash";

If you taking anything from the business and using it for personal use, use the "N. Fantacci, Drawings" account (e.g., May 25th transaction).

Donations = "Miscellaneous Expense," because there is no consistent frequency or the amount is not major!

City Water Commission = "Utilities Expense"

May 1 Sold goods for $800 cash.

2 Bought office supplies on account from Staples Ltd., $170.

3 N. Fantacci, the owner, invested an additional $5000 in the

business.

4 Borrowed $9000 from the bank.

5 Paid $200 for advertising.

6 Sold goods on account to L. Smith for $5000.

8 Paid $85 cash to Staples Ltd. on account.

9 Issued a cheque for $2900 to pay salaries.

14 Bought equipment from Acme Supply. The price of the

equipment was $700. A down payment of $200 was made.

15 The owner withdrew $1000 cash for personal use.

19 Made a $100 donation to the United Appeal.

21 Issued a $270 cheque to the city water commission.

25 The owner took an old printer home and gave it to her children.

The printer is worth $45.

31 Made a $500 payment to the bank to reduce the loan.

(b) Calculate the balance for each account.

(d) make an Income Statement + Balance Sheet.

Reference no: EM133380004

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