Reference no: EM131772195
MBA/502 - Concordia UniversityHomework AssignmentAfer running a ski repair shop in his garage for the past few years, David has decided that he has enough clients and tmeand money to open up his own storefront shop. David quit his full-tme job on May 1, rented a store front and opened up his business. Listed below are the transactons David entered into during his first month of business. Prepare a tabular analysis of the transactons, utlizing the Excel spreadsheet provided. Afer recording the transactons, prepare an income statement, statement of owner's equity and balance sheet for David's first month of business.
1.Invested $10,000 of his personal money into the business - David's Repair Shop.
2.Paid $400 cash as rent for the month of May.
3.Purchased $5,000 of equipment.
4.Paid $500 cash for supplies.
5.Incurred $250 of advertsing expense on account from placing an opening announcement in the local newspaper.
6.Received $6,100 in cash from customers for repair services performed.
7.Withdrew $1,000 from the business for personal use.
8.Paid part-tme employee salary of $2,000.
9.Paid utlity bills of $170.
10. Performed repair service of $750 for customer on account.
11. Collected cash of $120 for services performed in transaction (10).