V
Demonstrations Problem
Joan Robinson opens her own law office on July 1,2008. During the first month of operations, the following transactions occurred.
1/ Invested $10,000 in cash in the law practice
2/ Paid $800 for July rent on office space
3/ Purchased office equipment on account $3,000
4/ Provided legal services to clients for cash $1,500
5/ Borrowed $700 cash from a bank on a note payable
6/ Performed legal services for client on account $2,000
7/ Paid monthly expenses: salaries $500, utilities $300 and telephone: $100
Instructions
a) Prepare a tabular summary of the transactions. (Lập bảng tổng hợp các nghiệm vụ trên) làm theo công thức: Assets = Liabilities + Owner's
b) Prepare the income statement, owner’s equity statement, and balance sheet at July 31 for Joan Robinson. ( Lập báo cáo theo mẫu sau:
I/ SOFTBYTE
Income statement
For the month ended September 30,2008
Revenues
Service revenue: $...
Expenses
Salaries expense: $
Rent expense: $
Advertising expense: $
Utilities expense: $
Total expense: $
Net income $
II/ SOFTBYTE
Owener’s Equity statement
For the month ended September 30,2008
R.Neal. Capital September 1
Add: Investments: $
Net income $ $
$
Less Drawings $
R.Neal. Capital. September $
III/ SOFTBYTE
Balance sheet
September 30, 2008
Accounts receivable $
Supplies $
Equipment $
Total assets $
Accounts payable $
Owner’s equity
R.Neal. Capital $
Total liabilities and Owner’s equity $
Joan Robinson opens her own law office on July 1,2008. During the first month of operations, the following transactions occurred.
1/ Invested $10,000 in cash in the law practice
2/ Paid $800 for July rent on office space
3/ Purchased office equipment on account $3,000
4/ Provided legal services to clients for cash $1,500
5/ Borrowed $700 cash from a bank on a note payable
6/ Performed legal services for client on account $2,000
7/ Paid monthly expenses: salaries $500, utilities $300 and telephone: $100
Instructions
a) Prepare a tabular summary of the transactions. (Lập bảng tổng hợp các nghiệm vụ trên) làm theo công thức: Assets = Liabilities + Owner's
b) Prepare the income statement, owner’s equity statement, and balance sheet at July 31 for Joan Robinson. ( Lập báo cáo theo mẫu sau:
I/ SOFTBYTE
Income statement
For the month ended September 30,2008
Revenues
Service revenue: $...
Expenses
Salaries expense: $
Rent expense: $
Advertising expense: $
Utilities expense: $
Total expense: $
Net income $
II/ SOFTBYTE
Owener’s Equity statement
For the month ended September 30,2008
R.Neal. Capital September 1
Add: Investments: $
Net income $ $
$
Less Drawings $
R.Neal. Capital. September $
III/ SOFTBYTE
Balance sheet
September 30, 2008
Assets
Cash $Accounts receivable $
Supplies $
Equipment $
Total assets $
Liabilities and owner’s Equity
Liabilities Accounts payable $
Owner’s equity
R.Neal. Capital $
Total liabilities and Owner’s equity $
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