Balance sheet assignment, accounting, Basic Statistics

Balance sheet assignment, accounting, Basic Statistics

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The High Company Balance Sheet Assignment (to be completed using Microsoft Excel)

-Create T accounts for each transaction #1-10
-Create a trial balance
-Create Income Statement
-Create a Statement of Owners Equity
-Create a final balance sheet

1. The owner supplies equity to begin the company in the amount of $350,000
2. Owner rents office space and pays $24,000 in advance
3. Owner purchases office furniture for $18,000 on account.
4. Owner purchases a lap top computer for $2,500 for cash.
5. Owner purchases office supplies for $3,500 for cash.
6. Owner sends bill for service to client for $36,000.
7. Owner pays employees salaries for the month $21,500.
8. Owner pays $6,000 toward office equipment purchased in #3.
9. Owner collects fees for service $36,000.
10. Owner pays utilities expense for the month of $2,100.

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