rory kalur established computers 4 less on february 1 2012 the effect of each transa 551156
PR 1-3B Financial statements
Rory Kalur established Computers 4 Less on February 1, 2012. The effect of each transaction and the balances after each transaction for February are shown below.
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|
Assets |
= Liabilities + |
Owner’s Equity |
||||||||||
|
Accounts |
Accounts |
Rory Kalur, |
Rory Kalur, |
Fees |
Salaries |
Rent |
Auto |
Supplies |
||||
|
Cash |
+ Receivable |
+ Supplies |
Payable |
+ Capital |
– Drawing |
+ Earned |
– Expense |
– Expense |
– Expense |
– Expense |
– Expense |
|
|
a. |
+ 120,000 |
+ 120,000 |
||||||||||
|
b. |
+ 10,400 |
+ 10,400 |
||||||||||
| Bal. |
120,000 |
10,400 |
10,400 |
120,000 |
||||||||
| c. |
+ 118,000 |
+ 118,000 |
||||||||||
| Bal. |
238,000 |
10,400 |
10,400 |
120,000 |
118,000 |
|||||||
| d. |
–32,000 |
–32,000 |
||||||||||
| Bal. |
206,000 |
10,400 |
10,400 |
120,000 |
118,000 |
–32,000 |
||||||
| e. |
–5,000 |
–5000 |
||||||||||
| Bal. |
$201,000 |
10,400 |
5,400 |
120,000 |
118,000 |
–32,000 |
||||||
| f. |
+ 83,000 |
+ 83,000 |
||||||||||
| Bal. |
201,000 |
83,000 |
10,400 |
5,400 |
120,000 |
201,000 |
–32,000 |
|||||
| g. |
–23,000 |
–15,500 |
–7,500 |
|||||||||
| Bal. |
178,000 |
83,000 |
10,400 |
5,400 |
120,000 |
201,000 |
–32,000 |
–15,500 |
–7,500 |
|||
| h. |
–48,000 |
–48,000 |
||||||||||
| Bal. |
130,000 |
83,000 |
10,400 |
5,400 |
120,000 |
201,000 |
–48,000 |
–32,000 |
–15,500 |
–7,500 |
||
| i. |
–6,100 |
–6,100 |
||||||||||
| Bal. |
130,000 |
83,000 |
4,300 |
5,400 |
120,000 |
201,000 |
–48,000 |
–32,000 |
–15,500 |
–6,100 |
–7,500 |
|
| j. |
–30,000 |
–30,000 |
||||||||||
| Bal. |
100,000 |
83,000 |
$4,300 |
$5,400 |
120,000 |
–30,000 |
201,000 |
–48,000 |
–32,000 |
–15,500 |
–6,100 |
–7,500 |
Instructions
1. Prepare an income statement for the month ended February 29, 2012.
2. Prepare a statement of owner’s equity for the month ended February 29, 2012.
3. Prepare a balance sheet as of February 29, 2012.
4. (Optional). Prepare a statement of cash flows for the month ending February 29, 2012.
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