User Account

All Pages

Prepare a tabular summary of the transactions

Assignment Help Financial Accounting
Reference no: EM132913563

Question - John Anderson opens his law office on June 1, 2013. During the first month of operation, the following transaction occurred:

June 1 Invested $ 10,000 in cash in the law practice.

June 3 Purchased office equipment $ 28,000 of which $ 3,000 paid in cash and the remaining on account.

June 16 Borrowed $ 7,000 cash from a bank on a note payable.

June 20 Performed legal services for client on account $ 5000.

June 28 Paid monthly expenses: salaries $1,500 and utilities $ 2,000.

June 30 Withdraw cash from the business $2,000.

Requirement - Prepare a tabular summary of the transactions and an income statement for the month of June 30. Use the following format for tabular summary.

Reference no: EM132913563

Questions Cloud

How the option could impact the community : When a region routinely experiences elevated ozone levels, state agencies are required to implement a state implementation plan (SIP).
Find an example of a small business : Find an example of a small business that is using social media, such as Facebook, Twitter, or LinkedIn, to promote their products or services.
Information about the need for competitor information : Information about the need for competitor information. What methods are used to collect information about competitors? Include how Proverbs 15:22-33 guides us t
What is the next appropriate organizational architecture : -What is the next appropriate organizational architecture for a firm that is competing in an industry where a global pandemic strategy is most appropriate durin
Prepare a tabular summary of the transactions : Prepare a tabular summary of the transactions and an income statement for the month of June 30. Use the following format for tabular summary
What information is readily available : Discuss at least two ways that you can help to control what information is readily available about you to anyone, including employers on the internet.
Reporting of sustainability efforts by an organization : Discuss how more than one reporting framework may help inform the reporting of sustainability efforts by an organization.
Outline the legislative and regulatory context : When planning your project, outline the legislative and regulatory context requirements including work, health and safety required.
Explain method to help boost metabolism : Explain method to help boost your metabolism. Provide evidence in how this method works and whether there are any risk factors when it comes to your health.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Make the journal entries for transactions

Prepare the journal entries for transactions. If no entry is required for a particular transaction/event select "No journal entry required" in the first account

  Calculation of current tax consequences for june

Assuming there are no permanent differences for tax purposes, determine the amount of accounting profit before tax for the year ending 30 June 2016.

  Discuss the role of accounting in business

Discuss the role of accounting in business. Name one group of users of accounting information and discuss what information they might be interested in and how they might use this information. Discuss the four financial statements and how they relate ..

  Is plant assets held for sale to customers

One thing that differentiates plant assets from other assets, such as inventory, is that plant assets are held for sale to customers

  Evaluate the correct inventory amount

Premier Bank and Trust is giving Alou Company a loan. Before doing so, management decides that added discussions with Alou's accountant may be desirable.

  What is the grand prize really worth

If there is a decline in interest rates, which would rather be holding, long-term bonds or short-term bonds? Why? Which type of bond greater interest-rate risk?

  Which items would not be considered to be a factory overhead

Which items would not be considered to be a factory overhead cost? Factory overhead includes all manufacturing costs except direct material and direct labor.

  How many chairs should Cecil produce in December

Cecil Chair expects to sell the chairs for $100 each. January sales for Year 2 are projected at 16,000 chairs. How many chairs should Cecil produce in December

  Make the consolidated statement of financial position

Prepare the Consolidated Statement of Financial Position as at 31 December 2018. At the date of acquisition A Limited considered the net assets of B Ltd

  What is the implied interest rate

he would let you pay for it with four annual installments of $32,000 each, the first one due right now. What is the implied interest rate here.

  How much was cost of goods sold

How much was cost of goods sold? Bravo Company had beginning inventory of $75,000, purchased merchandise during the period

  Do agree with the actual time frame does not matter

As long as an accounts receivable statement is sent before the outstanding amounts are paid, the actual time frame does not matter. Do you agree?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd