Solution-Create a tabular analysis and income statement

Create a tabular analysis and income statement

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Reference no: EM131795712

Cindy Braun created a corporation providing legal services, Cindy Braun Inc., on July 1, 2014. On July 31 the balance sheet showed: Cash $ 2,000 ; Accounts Receivable $ 5,000 ; Supplies $ 400 ; Equipment $5,000 ; Accounts Payable $ 6,000 ; Common Stock $ 9,000 ; and Retained Earnings $ 1,000 . During July the following transactions occurred.

Create a tabular analysis, income statement, retained earnings, and balance sheet.

Aug. 1	Collected $ 2,000 of accounts receivable due from customers.
4	Paid $ 1,000 cash for accounts payable due.
9	Performed services worth $ 7,000 , of which $ 2,600 is collected in cash and the balance is due in September.
15	Purchased additional office equipment for $ 2,500 , paying $ 390 in cash and the balance on account.
19	Paid salaries $ 2,000 , rent for August $ 200 , and advertising expenses $ 150 .
23	Paid a cash dividend of $ 550 .
26	Borrowed $ 5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable.
31	Incurred utility expenses for the month on account $ 150 .

Reference no: EM131795712

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Create a tabular analysis and income statement

Reference no: EM131795712

Reference no: EM131795712

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