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question jill smith starts an apartment locator business that has thefollowing trans 4279103

Question

Jill Smith starts an apartment locator business that has thefollowing transactions in the first month:

a) Smith invests $35,000 of personal funds to start thebusiness.

b) She purchases on account office supplies costing $350.

c) She pays cash of $30,000 to acquire a lot next to the campus.This will be the future home of the business.

d) Smith locates apartments for client and receives cash of$1900.

e) Smith pays $100 of the account payable she created intransaction (b).

f) She pays $2000 of personal funds for a vacation.

g) She pays cash for expenses for office rent, $400, andutilities, $100.

h) The business sells office supplies to another business forits cost of $150.

i) Smith with drawls cash of $1200 personal use.

Account for these transactions and create a balancesheet as of the end of the month and income statement for the monthon the next page.

Accounting for the Transactions:

Assets

a

b

c

d

e

f

g

h

i

j

Balance Month End

   Cash

 

 

 

 

 

 

 

 

 

 

 

   Office Supplies

 

 

 

 

 

 

 

 

 

 

 

   Land

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

 

 

 

 

 

 

 

 

 

 

Owner’s Equity

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet at Month End

Assets

$ Amount

Liabilities and Owners Equity

S Amount

     Cash

$

Accounts Payable

$

     Office Supplies

$

Owner’s Equity

$

     Land

$

 

 

           Total

$

Total

$

                          IncomeStatement for end of Month

$ Operating Revenue (for finding apartments)

$

    Less Rent Cost

$

    Less Utilities Cost

$

Net Income

$

 

 

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