Ken began a fortune telling business on May 1. The following transactions occurred: Owner invested...
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Ken began a fortune telling business on May 1. The following transactions occurred: Owner invested $11,000 cash in the business. Purchased $2, 500 of furniture with a down payment of $500, the rest to be paid in there monthly installments. Paid $550 rent. Purchased a Van for $1300. Paid $1, 500 for a 6-month insurance policy. During the first month earned revenues of 990 and received $400 in cash and rest will be paid by customers in future. Paid assistant $1, 150 wages for the month. Received $600 in payments from credit customers. Borrowed from bank $950 by signing a note. 1. Enter the above transactions in an accounting equation work sheet 2. Prepare an income statement for the month of May. 3. Prepare a statement of owner's equity for the month of May
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