Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. do 1.9 only please ..... 4. els (lo4) writing a

Do 1.9 only please ..... 4. ELS (LO4) Writing An analysis of...

60.1K

Verified Solution

Question

Accounting

Do 1.9 only please ..... image
4. ELS (LO4) Writing An analysis of the transactions made by Pat Deloitte & Co, a certified public Analyse transactions and compute et accounting firm, for the month of August is shown below. The expenses were $560 for rent, 54,800 for salatics and wages, and $400 for utilities Accounts Accounts Owner's Owner's Cash + Receivable + Supplies - Equipment = Payable + Capital - Drawings + Revenues Expenses 1. +515,000 +$15.000 -2,000 +55,000 +53,000 3. -750 +$750 +4.000 +S4,500 +88,500 5. -1.500 - 1,500 -2,000 -$2.000 7. -560 -5560 8 +450 450 4,800 4,800 10 +400 -400 Instructions a. Describe each transaction that occurred for the month. b. Determine how much owner's equity increased for the month. c. Compute the amount of net income for the month 6. 9 E19 (405) Financial Statement An analysis of transactions for Peat Deloitte & Co. was presented Prepare financial statements in ELS Instructions Prepare an income statement and an owner's equity statement for August and a balance sheet at August 31, 2020. Assume that August is the company's first month of business

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students