I having trouble with this problem. Can someone out there help me? John Thildore
ID: 2609574 • Letter: I
Question
I having trouble with this problem. Can someone out there help me?
John Thildore, a retired army officer, opened Thildore's Catering Service. As his accountant, analyze the transactions listed and present them in proper form. a. The analysis of the transactions by using the expanded accounting equation. b. A balance sheet showing the financial position of the firm before opening on October 31, 201X. C. An income statement for the month of November. d. A statement of owner's equity for November. e. A balance sheet as of November 30, 201X. 201X John Thildore invested $25,000 in the catering business from his personal savings account. Oct. 25 27 Bought equipment for cash from Small Co., $1,200. 28 Bought additional equipment on account from Ryan Co., $800. 29 Paid $400 to Ryan Co. as partial payment of the Oct. 28 transaction (You should now prepare your balance sheet as of October 31, 201X.) Nov. 1 Catered a graduation and collected cash, $2,200. 5 Paid salaries of employees, $550. 8 Prepared desserts for customers on account, $250. 10 Received $80 cash as partial payment of Nov. 8 transaction. 15 Paid telephone bill, $50 17 Paid his home electric bill from the company's checkbook, $120. 20 Catered a wedding and received cash, $2,500 25 Bought additional equipment on account, $1,300 28 Rent expense due but unpaid, $650. 30 Paid supplies expense, $550.Explanation / Answer
a.
b.
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d.
Event Assets Liabilities Owners equity Cash + Accounts receivable + Equipment = Accounts payable + John capital - John withdrawl + Revenue - Salaries expense - Telephone bill - Rent expense - Supplies expense Oct 25 25,000 25,000 Oct 27 -1,200 1,200 Oct 28 800 800 Oct 29 -400 -400 Total 23,400 - 2,000 400 25,000 Nov 1 2,200 2,200 Nov 5 -550 550 Nov 8 250 250 Nov 10 80 -80 Nov 15 -50 50 Nov 17 -120 120 Nov 20 2,500 2,500 Nov 25 1,300 1,300 Nov 28 650 650 Nov 30 -550 550 Total 26,910 170 3,300 2,350 25,000 120 4,950 550 50 650 550