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The balance sheet shows assets of $4,200 consisting of cash, accounts receivable, supplies, and equipment. Liabilities are $2,860 made up of accounts payable and a bank loan. Owner's equity is $1,340. The income statement shows revenues of $1,200 from fees earned. Expenses total $1,110 including advertising and a loss on asset sale. This results in net income of $90. The fundamental accounting equation is verified with assets equaling liabilities plus owner's equity of $4,200.

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50 views4 pages

Anna 1 (

The balance sheet shows assets of $4,200 consisting of cash, accounts receivable, supplies, and equipment. Liabilities are $2,860 made up of accounts payable and a bank loan. Owner's equity is $1,340. The income statement shows revenues of $1,200 from fees earned. Expenses total $1,110 including advertising and a loss on asset sale. This results in net income of $90. The fundamental accounting equation is verified with assets equaling liabilities plus owner's equity of $4,200.

Uploaded by

zzuo777
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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704362048.

xlsx

ASSETS LIABILITIES
ANTONELLI'S
ACCOUNTING A/R A/R Total A/P A/P
SERVICES Cash Jones TravelF. Leonel Supplies Equipment Assets Best Offices
Eastside News
Bank Loan
Beginning 275 300 350 700 900 2 525 175 500
Transaction 1 2 000 4 525 2 000
Transaction 2 -1 300 1 300 4 525
Transaction 3 200 - 200 4 525
Transaction 4 150 - 900 3 775
Transaction 5 500 4 275
Transaction 6 225 4 500 225
Transaction 7 - 50 4 450 - 50
Transaction 8 - 600 3 850
Transaction 9 - 225 3 625 - 225
Transaction 10 200 500 4 325
Transaction 11 - 125 4 200 - 125
Transaction 12 4 200 360
Ending 525 600 850 925 1 300 4 200 225 360 2 275
Fundamental Accounting Equation Verification
Assets = Liabilities + Equity
$4 200 = $2 860 + $1 340
$4 200 = $4 200

Page 1
704362048.xlsx

OWNER’S Revenue Expenses


EQUITY
Total A. Antonelli,A. Antonelli, Total Fees Ad Loss on Zero
Liabilities Capital Drawings Equity Earned Expense Sale of Assets Proof

675 1 850 1 850 0


2 675 1 850 0
2 675 1 850 0
2 675 1 850 0
2 675 1 100 - 750 0
2 675 1 600 500 0
2 900 1 600 0
2 850 1 600 0
2 850 - 600 1 000 0
2 625 1 000 0
2 625 1 700 700 0
2 500 1 700 0
2 860 1 340 - 360 0
2 860 1 850 - 600 1 340 1 200 - 360 - 750

Page 2
Antonelli's Accounting Services
Balance Sheet
October 31, 20—

Assets Liabilities
Cash $ 525 Accounts Payable
Accounts Receivable — Best Office $ 225
— Jones Travel 600 — Eastside News 360
— F. Leonel 850 Bank Loan 2 275
Supplies 925 Total Liabilities $ 2 860
Equipment 1 300
Owner's Equity
A. Antonelli, Capital October 1, 1 850
Add Net Income 90
Less A. Antonelli, Drawings ( 600)
A. Antonelli, Capital October 1, 1 340
Total Assets $ 4 200 Total Liabilities and Equity $ 4 200
Antolelli's Accounting Services
Income Statement
For the month ended October 31, 2019

Revenue
Fees Earned 1200

Expenses
Advertising Expense 360
Loss on Sale of Asse 750
Total Expenses 1110
Net Income 90

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