Harold Joseph is a painting contractor who specializes in painting commercial bu
ID: 2396867 • Letter: H
Question
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's finan records showed the following assets, liabilities, and owner's equity Cash Accounts Receivable $59,900 15,500 34,700 22,400 10,100 90,400 55,300 23,300 Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses TRANSACTIONS 1. Performed services for $6.690 on credit 2. Pald $1710 in cash for new office chairs 3. Recelved $11.300 in cash from credit clients 4. Paid $890 in cash for telephone service 5. Sent a check for $4700 in partial payment of the amount due creditors 6. Paid salaries of $8 600 in cash 7. Sent a check for $1130 to pay electric bil 8. Performed services for $10 600 in cash 9. Paid $2 360 in cash for auto repair 10. Performed services for $12 600 on account Enter the boove transactions n to the folowing accounting eqesExplanation / Answer
Accounting equation for Harold Joseph
Assets
Liabilities +
Owner's Equity
Cash +
Accounts Receivables +
Office Furniture +
Auto
Accounts Payable
Harold Joseph's Capital +
Revenue -
Expenses
Balance , June 1
$ 59,900.00
$ 15,500.00
$ 34,700.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 55,300.00
$ 23,300.00
Services Performed on credit
$ 6,690.00
$ 6,690.00
New Balance
$ 59,900.00
$ 22,190.00
$ 34,700.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Office chair purchase
$ -1,710.00
$ 1,710.00
New Balance
$ 58,190.00
$ 22,190.00
$ 36,410.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Receipts from accounts Receivable
$ 11,300.00
$ -11,300.00
New Balance
$ 69,490.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Payment to creditors
$ -4,700.00
$ -4,700.00
New Balance
$ 64,790.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Salaries Paid
$ -8,600.00
$ 8,600.00
New Balance
$ 56,190.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 61,990.00
$ 31,900.00
Electric Bill Paid
$ -1,130.00
$ 1,130.00
New Balance
$ 55,060.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 61,990.00
$ 33,030.00
Services performed
$ 10,600.00
$ 10,600.00
New Balance
$ 65,660.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 72,590.00
$ 33,030.00
Auto Repair
$ -2,360.00
$ 2,360.00
New Balance
$ 63,300.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 72,590.00
$ 35,390.00
Services Performed on credit
$ 12,600.00
$ 12,600.00
New Balance
$ 63,300.00
$ 23,490.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 85,190.00
$ 35,390.00
Cotton Cleaning Service
Income Statement
for the month ended May
Revenue
$ 8,100.00
Less: Operating expenses
Salaries expenses
$ 9,300.00
Utilities
$ 800.00
Telephone Expense
$ 322.00
Total operating expenses
$ 10,422.00
Net loss
$ -2,322.00
Cotton Cleaning Service
Statement of Retained Earning
for the month ended May
Opening balance of Retained Earnings
$ -
Add: Profit earned in May
$ -2,322.00
Closing Balance of Retained Earnings
$ -2,322.00
Cotton Cleaning Service
Balance Sheet
as at May 31 2019
Assets
Current Assets
Cash
$ 6,478.00
Accounts Receivable
$ 7,100.00
Supplies
$ 6,600.00
Total Current Assets
$ 20,178.00
Equipment
$ 34,600.00
Total Assets
$ 54,778.00
Liabilities
Current liabilities
Accounts Payable
$ 5,300.00
Total Liabilities
$ 5,300.00
Owner's Equity
T. cotton Capital Account
$ 51,800.00
Retained Earnings
$ -2,322.00
Total Owner's Equity
$ 49,478.00
Total Liabilities and Owner's Equity
$ 54778
Accounting equation for Harold Joseph
Assets
Liabilities +
Owner's Equity
Cash +
Accounts Receivables +
Office Furniture +
Auto
Accounts Payable
Harold Joseph's Capital +
Revenue -
Expenses
Balance , June 1
$ 59,900.00
$ 15,500.00
$ 34,700.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 55,300.00
$ 23,300.00
Services Performed on credit
$ 6,690.00
$ 6,690.00
New Balance
$ 59,900.00
$ 22,190.00
$ 34,700.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Office chair purchase
$ -1,710.00
$ 1,710.00
New Balance
$ 58,190.00
$ 22,190.00
$ 36,410.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Receipts from accounts Receivable
$ 11,300.00
$ -11,300.00
New Balance
$ 69,490.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 10,100.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Payment to creditors
$ -4,700.00
$ -4,700.00
New Balance
$ 64,790.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 61,990.00
$ 23,300.00
Salaries Paid
$ -8,600.00
$ 8,600.00
New Balance
$ 56,190.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 61,990.00
$ 31,900.00
Electric Bill Paid
$ -1,130.00
$ 1,130.00
New Balance
$ 55,060.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 61,990.00
$ 33,030.00
Services performed
$ 10,600.00
$ 10,600.00
New Balance
$ 65,660.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 72,590.00
$ 33,030.00
Auto Repair
$ -2,360.00
$ 2,360.00
New Balance
$ 63,300.00
$ 10,890.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 72,590.00
$ 35,390.00
Services Performed on credit
$ 12,600.00
$ 12,600.00
New Balance
$ 63,300.00
$ 23,490.00
$ 36,410.00
$ 22,400.00
$ 5,400.00
$ 90,400.00
$ 85,190.00
$ 35,390.00
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