Business start up accounting transactions, Financial Accounting

Assignment Help:

Business start up accounting transactions:

Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during the month of January:

Jan. 5. Jane deposited $ 15,000 in her business checking account. This is her
initial investment in the business.

Jan. 7. Jane purchased flower grooming equipment for $4,500. She paid $2,000 as a down payment and signed a note to pay the balance in two payments.

Jan. 10. Jane purchased a computer system for $2,500, cash.

Jan. 12. She sold flowers to a wedding ceremony in the amount of $4,500, but she
had to bill them. The invoice was to be paid by February, 2010.

Jan. 15. Jane purchased office supplies in the amount of $1,500.

Jan. 20. She received ½ of what she billed for flowers for the wedding ceremony
on Jan. 12th.

Jan. 22. She withdrew $2,000. for her personal use.

Jan. 25. She decided to pay one payment that she owed on her equipment purchase on Jan. 7th.

Jan. 31. Jane hired an assistant and paid the wages by the end of the month
in the amount of $1,500.

Jan 31. She had a total of $25,000 in cash sales for the month.


Adjusting entries - A1 - she used 2/3 of the supplies by the end of the month,
A2 - depreciation on the grooming equipment - $450.

 


Question?
Prepare the income statement and balance sheet.

 


Related Discussions:- Business start up accounting transactions

Pooling and duplication of deductions, Individual taxpayers who don't itemi...

Individual taxpayers who don't itemize their deductions are entitled to a standard deduction amount by which to decrease ADJUSTED GROSS INCOME in arriving at taxable income. Amount

Concepts in accounting, Mr. Inherits 30000. Decides to open a salon jj salo...

Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10

Compute the total amount of dividends that was paid to each, Vantage Compan...

Vantage Company issued bonds with a $500,000 face value and a 6% stated rate of interest on January 1, 2013. The bonds carried a 5-year term and sold for 95. Vantage uses the strai

Acquisition Project , Do you have anyone on staff that understands acquisit...

Do you have anyone on staff that understands acquisition accounting procedures?

Ordinary annuity , Number of Periods of a one Payment a) If you deposit ...

Number of Periods of a one Payment a) If you deposit money today in an account that pays 7.5% yearly interest, how long will it take to double your money? b) What's the future

Npv cash flow model, As discussed earlier, the base case public sector comp...

As discussed earlier, the base case public sector comparator (PSC) will be a benchmark for different project bidding proposals when choosing the preferred bidder to provide the bes

Order point formula, Order Point Formula The analysis discussed above t...

Order Point Formula The analysis discussed above tends to be somewhat cumbersome when probability distributions are most complex and dependent and multi-period cases are involv

Example of dividend valuation model, Q. Example of Dividend valuation model...

Q. Example of Dividend valuation model? Dividend valuation model D 1 /P +g= 24(1.06)/ 428+ 0·06 = 0·119 or 11·9% An incorrect formula for the dividend evaluation model was u

Piecemeal realizations and distributions, Piecemeal Realizations and Distri...

Piecemeal Realizations and Distributions Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultane

Intangibles, #question.how to account enginering cost

#question.how to account enginering cost

Write Your Message!

Captcha
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!

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