Reference no: EM132828280
Question - Richmond Lawn has just passed the law exam and started practicing. Below are his first month's transactions:
Jan. 1 Began business by investing $5,000 cash and land with a value of $4,500.
Jan. 4 Purchased $750 worth of supplies on account.
Jan. 9 Paid rent for the month, $300.
Jan. 15 Received $4,100 for legal fees.
Jan. 17 Paid salaries for month, $1,900.
Jan. 24 Paid $500 on account.
Jan. 29 Made improvements to land, paying $1,500 cash.
Jan. 31 Supplies on hand, $400.
The accounts used are; cash, supplies, land, accounts payable, capital and, retained earnings,
1) Analyze the transactions in tabular format. And prove the equality of the basic accounting equation.
2) Post the transactions to the ledger accounts.
3) Prepare the trial balance and prove the balance of the debit and credit.
4) Prepare the income statement, retained earnings statement and the balance sheet.
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