How transactions affect the accounting equation homework help
Template is required (attached)
Exercises 2-7, 2-17, 2-18 and 2-19
E2-7
Effects of transactions on accounting equation
Obj|1, 2, 4
Describe how the following business transactions affect the three elements of the accounting equation.
· a.Received cash for services performed.
· b.Paid for utilities used in the business.
· c.Borrowed cash at local bank.
· d.Issued capital stock for cash.
· e.Purchased land for cash.
E2-17
Income statement
Obj|3, 5
After its first month of operation, the following amounts were taken from the accounting records of Benjamin Realty Inc. as of April 30, 2013.
Prepare an income statement for the month ending April 30, 2013.
|
Capital stock |
$25,000 |
Notes payable |
$ 35,000 |
|
Cash |
53,000 |
Rent expense |
5,000 |
|
Dividends |
10,000 |
Retained earnings |
0 |
|
Interest expense |
2,000 |
Salaries expense |
75,000 |
|
Land |
42,000 |
Sales commissions |
145,000 |
|
Miscellaneous expense |
3,000 |
Utilities expense |
15,000 |
✓ Net income, $45,000
E2-18
Retained earnings statement
Obj|3, 5
✓ Retained earnings, April 30, 2013, $35,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a retained earnings statement for the month ending April 30, 2013.
E2-19
Balance sheet
Obj|3, 5
✓ Total assets, $95,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of April 30, 2013.
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!
NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
