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Prepare a table to summarize the preceding transactions

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Reference no: EM13486837

1. Prepare a table to summarize the preceding transactions as they affect the accounting equation. Use the following format. Identify each transaction with the date.

 

 

Assets =

 

Liabilities +

Stock. Equity     I

 

 

 

Date

Cash

Accts. 1 Rec.

Equipment

Supplies

Accts. Pay.

Cap.
Stock

Ret.
Earn.








 

2.    Prepare an income statement for the month ended May 31, 2010.

3.    Prepare a classified balance sheet at May 31, 2010.

4.    Why do you think the two students decided to incorporate their business rather than operate it as a partnership?

 

Reference no: EM13486837

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