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Effects Of Transactions (

Balance Sheet

Accounts)

John Sullivan started a business. During the first month (February 20

–

-), the following transactions occurre

Show the effect of each transaction on the accounting equation:

Assets

Liabilities

Owner’s Equity

. After each transaction, show the new totals. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.

Bal.

Assets

Liabilities

Owner’s Equity

Invested cash in the business, $

27,000

fill in the blank 1

fill in the blank 2

fill in the blank 3

Bal.

fill in the blank 4

fill in the blank 5

fill in the blank 6

Bought office equipment on account, $7,500.

fill in the blank 7

fill in the blank 8

fill in the blank 9

fill in the blank 10

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fill in the blank 12

Bought office equipment for cash, $1,

600

. (Enter the change in

Cash

on the first line and the change in Equipment on the second line)

fill in the blank 13

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fill in the blank 16

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d. Paid cash on account to supplier in transaction (b), $2,300.

fill in the blank 22

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Effects of Transactions (Revenue, Expense, Withdrawals)

Assume John Sullivan completed the following additional transactions during February.

(e)

Received cash from a client for professional services, $1,500.

(f)

Paid office rent for February, $600.

(g)

Paid February phone bill, $64.

(h)

Withdrew cash for personal use, $1,000.

(i)

Performed services for clients on account, $

750

(j)

Paid wages to part-time employee, $1,200.

(k)

Received cash for services performed on account in transaction (i), $400. (Enter the change in Cash on the first line and the change in other account on the second lin

)

Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner’s Equity (

Capital

–

Drawing

Revenues

–

Expenses

). Use the minus sign to indicate a decrease or reduction in the account. After transaction (k), report the totals for each element. If an amount box does not require an entry, leave it blank.

Bal.

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Bal.

–

Owner’s Equity

Assets

Liabilities

Capital

–

Drawing

Revenues

–

Expenses

Description

32,200

5,200

27,000

(e)

(f)

(g)

(h)

(i)

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(j)

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(k)

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Demonstrate that the accounting equation has remained in balance.

Capital

Drawing

Revenues

Expenses

	Total Assets	$ fill in the blank 60
Total Liabilities	$ fill in the blank 61
	fill in the blank 62
	fill in the blank 63
	fill in the blank 64
	fill in the blank 65
	Total Liabilities and Owner’s Equity	$ fill in the blank 66

eBook

Statement Of Owner’s Equity Reporting Net Income

Betsy Ray started an accounting service on June 1, 20–, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000.

Prepare a statement of owner’s equity for the month of June. If an amount is zero, enter “0”.

$- Select –

– Select –

$- Select –

Betsy Ray’s Accounting Service Statement of Owner’s Equity For Month Ended June 30, 20–
				$ – Select –
			– Select –
	Total investment	$fill in the blank 5

Effect of Transactions on Accounting Equation

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.

a. Invested cash in business, $

18,000

b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.

c. Paid one-year insurance premium, $1,200.

d. Earned revenues totaling $

3,300

: $1,300 in cash and $2,000 on account.

e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.

Paid office rent for the month, $750.

Withdrew cash for personal use, $100.

Required:

Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.

Assets

Liabilities

Owner’s Equity

(Owner’s Investment)

–

Description

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Bal.

–

(Items Owned)

(Amts. Owed)

(Earnings)

Cash

Accounts Receivable

Office Supplies

Prepaid Insurance

Accounts Payable

J. Pembroke, Capital

J. Pembroke, Drawing

Revenues

Expenses

fill in the blank 34

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Demonstrate that the accounting equation has remained in balance.

Cash

Total Assets

$fill in the blank 75
Accounts receivable	fill in the blank 76
Office supplies	fill in the blank 77
Prepaid insurance	fill in the blank 78
$fill in the blank 79

Total Liabilities and Owner’s Equity

Accounts payable	$fill in the blank 80
Jay Pembroke, capital	fill in the blank 81
Jay Pembroke, drawing	fill in the blank 82
		Service fees	fill in the blank 83
		Rent expense	fill in the blank 84
$fill in the blank 85

Income Statement

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.
a. Invested cash in business,

$18,000

.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling

$3,300

: $1,300 in cash and $2,000 on account.
e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.

The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets

Liabilities

Owner’s Equity

(Items Owned)

(Amts. Owed)

(Earnings)

Accounts Receivable

Office Supplies

Prepaid Insurance

Accounts Payable

J. Pembroke, Capital

–

J. Pembroke, Drawing

Revenues

–

Expenses

Description

Service fees

(2,300)

Rent expense

Bal.

2,000

4,600

1,200

18,000

–

100

3,300

–

750

		(Owner’s Investment)
	Cash
	18,000							18,000
	(2,000)					4, 600			2,600
(1,200)					1,200
1,300					2,000					3,300
			(2,300)
(750)							750
(100)					100
12,950				300

Required:

Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20–.

$- Select –

– Select –

$- Select –

Jay Pembroke
Income Statement
For Month Ended April 30, 20–

1. Statement Of Owner’s Equity

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets

Liabilities

Owner’s Equity

(Items Owned)

(Amts. Owed)

(Owner’s Investment)

(Earnings)

Cash

Accounts Receivable

Office Supplies

Prepaid Insurance

Accounts Payable

J. Pembroke, Capital

–

J. Pembroke, Drawing

Revenues

–

Expenses

Description

18,000

(2,000)

4,600

2,600

(1,200)

1,200

1,300

2,000

3,300

Service fees

(2,300)

(750)

750

Rent expense

(100)

100

Bal.

12,950

2,000

4,600

1,200

300

18,000

–

100

3,300

–

750

The income statement for Jay Pembroke for the month ended April 30, 20– is shown.

Jay Pembroke
Income Statement
For Month Ended April 30, 20–

750

Revenues:
Service fees		$3,300
Expenses:
Rent expense
Net income	$ 2,550

Required:

Use the information to prepare a statement of owner’s equity for Jay Pembroke for the month of April 20–.

$- Select –

– Select –

Total investment

$fill in the blank 5

$- Select –

– Select –

$- Select –

Jay Pembroke
Statement of Owner’s Equity
For Month Ended April 30, 20–

Balance Sheet
Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets

Liabilities

Owner’s Equity

(Items Owned)

(Amts. Owed)

(Owner’s Investment)

(Earnings)

Cash

Accounts Receivable

Office Supplies

Prepaid Insurance

Accounts Payable

J. Pembroke, Capital

–

J. Pembroke, Drawing

Revenues

–

Expenses

Description

18,000

(2,000)

4,600

2,600

(1,200)

1,200

1,300

2,000

3,300

Service fees

(2,300)

(750)

750

Rent expense

(100)

100

Bal.

12,950

2,000

4,600

1,200

300

18,000

–

100

3,300

–

750

The income statement and statement of owner’s equity for Jay Pembroke for the month ended April 30, 20– are shown.

Jay Pembroke
Income Statement
For Month Ended April 30, 20–

Revenues:

Service fees

$3,300

Expenses:

Rent expense

750

Net income

$2,550

Total investment

Jay Pembroke Statement of Owner’s Equity For Month Ended April 30, 20–
Jay Pembroke, capital, April 1, 20–		$ –
Investment during April		18,000
$18,000
Net income for April	$2,550
Less withdrawals for April	100
Increase in capital	2,450
Jay Pembroke, capital, April 30, 20–	$20,450

Required:

Use the information to prepare a balance sheet for Jay Pembroke as of April 30, 20–.

Assets

Liabilities

fill in the blank 6

fill in the blank 8

Owner’s Equity

fill in the blank 10

fill in the blank 12

Jay Pembroke Balance Sheet April 30, 20–
	$fill in the blank 2	$fill in the blank 4
	Total assets	$fill in the blank 13	Total liabilities & owner’s equity	$fill in the blank 14

1. Balance Sheet

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.
a. Invested cash in business, $18,000.

b. Bought office supplies for $4,800: $2,000 in cash and $2,800 on account.

c. Paid one-year insurance premium, $1,100.

d. Earned revenues totaling $3,300: $1,200 in cash and $2,100 on account.

e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,500.

f. Paid office rent for the month, $600.

g. Withdrew cash for personal use, $

150

The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets

Liabilities

Owner’s Equity

(Items Owned)

(Amts. Owed)

(Owner’s Investment)

(Earnings)

Cash

Accounts Receivable

Office Supplies

Prepaid Insurance

Accounts Payable

J. Pembroke, Capital

–

J. Pembroke, Drawing

Revenues

–

Expenses

Description

18,000

(2,000)

3,300

Service fees

(2,500)

Rent expense

Bal.

2,100

4,800

1,100

300

18,000

–

150

3,300

–

600

	4,800	2,800
(1,100)		1,100
1,200		2,100
	(2,500)
(600)		600
(150)		150
12,850

The income statement and statement of owner’s equity for Jay Pembroke for the month ended April 30, 20– are shown.

Jay Pembroke
Income Statement
For Month Ended April 30, 20–

Revenues:

Service fees

$3,300

Expenses:

Rent expense

Net income

600
	$2,700

Jay Pembroke
Statement of Owner’s Equity
For Month Ended April 30, 20–

Jay Pembroke, capital, April 1, 20–

$ –

Investment during April

18,000

Total investment

$18,000

Net income for April

$2,700

Less withdrawals for April

Increase in capital

Jay Pembroke, capital, April 30, 20–

150

2,550

$20,550

Required:
Use the information to prepare a balance sheet for Jay Pembroke as of April 30, 20–.

Assets

Liabilities

$fill in the blank 2

$fill in the blank 4

fill in the blank 6

fill in the blank 8

Owner’s Equity

fill in the blank 10

fill in the blank 12

Total assets

$fill in the blank 13

Total liabilities & owner’s equity

$fill in the blank 14

Jay Pembroke
Balance Sheet
April 30, 20–

Statement Of Owner’s Equity Reporting Net Loss

Betsy Ray started an accounting service on June 1, 20–, by investing $20,000. Her net loss for the month was $3,000, and she withdrew $8,000.

Prepare a statement of owner’s equity for June transactions. If an amount is zero, enter “0”.

Betsy Ray’s Accounting Service
Statement of Owner’s Equity
For Month Ended June 30, 20–

$- Select –

– Select –

Total investment

$fill in the blank 5

$- Select –

– Select –

$- Select –

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