Prepare the income statement and balance sheet., Financial Accounting

Business start up accounting transactions:

Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during the month of January:

Jan. 5. Jane deposited $ 15,000 in her business checking account. This is her
initial investment in the business.

Jan. 7. Jane purchased flower grooming equipment for $4,500. She paid $2,000 as a down payment and signed a note to pay the balance in two payments.

Jan. 10. Jane purchased a computer system for $2,500, cash.

Jan. 12. She sold flowers to a wedding ceremony in the amount of $4,500, but she
had to bill them. The invoice was to be paid by February, 2010.

Jan. 15. Jane purchased office supplies in the amount of $1,500.

Jan. 20. She received ½ of what she billed for flowers for the wedding ceremony
on Jan. 12th.

Jan. 22. She withdrew $2,000. for her personal use.

Jan. 25. She decided to pay one payment that she owed on her equipment purchase on Jan. 7th.

Jan. 31. Jane hired an assistant and paid the wages by the end of the month
in the amount of $1,500.

Jan 31. She had a total of $25,000 in cash sales for the month.

Adjusting entries - A1 - she used 2/3 of the supplies by the end of the month,
A2 - depreciation on the grooming equipment - $450.

Prepare the income statement and balance sheet.


Posted Date: 2/18/2014 2:58:38 AM | Location : United States

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