Jill Smith starts an apartment locator business that has the following transactions in the first month:
a) Smith invests $35,000 of personal funds to start the business.
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.
f) She pays $2000 of personal funds for a vacation.
d) Smith locates apartments for client and receives cash of $1900.
e) Smith pays $100 of the account payable she created in transaction (b).
g) She pays cash for expenses for office rent, $400, and utilities, $100.
Account for these transactions and create a balance sheet as of the end ofthe month and income statement for the month on the next page.
h) The business sells office supplies to another business for its cost of $150.
i) Smith with drawls cash of $1200 personal use.
Getting answers to your urgent problems is simple. Submit your query in the given box and get answers Instantly.