Problem 1-9A
Lina Aragon started a new business and completed the following transactions during December
Dec 1 Lina transferred $65,000 cash from a personal savings account to a checking account in the name of Aragon Electric
2. The company rented office space and paid $1,000 cash for December rent
3. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to
XXXXXXXXXXTo pay the $8,200 balance in 30 days.
5. The company purchased office supplies by paying $800 cash
6. The company completed electrical work and immediately collected $1,200 cash for these services
8. The company purchased $2,530 of office equipment on credit
15. The company completed electrical work on credit in the amount of $5,000
18. The company purchased $350 of office supplies on credit
20. The company paid $2,530 cash for the office equipment purchased on December 8
24. The company received $5,000 cash for the work completed on December 15
29. The company paid the assistant’s salary of $1,400 cash for this month
30. The company paid $540 cash for this month’s utility bill
31. Lina withdrew $950 cash from the company for personal use.
REQUIRED
- Analyze the above transaction using an Analysis Table. Show the balance for each transaction
- Prepare
- Statement of Equity
- Simple Income Statement and
- Balance Sheet as of end of December