Ananda Budi Subagja / 29120574

Case Chapter I
Karren Waller's Law Office

a. Tabular Summary of Karren Waller's Law Office.

ASSETS LIABILITIES EQUITY

Transaction = + RETAINED EARNINGS
CASH + ACCOUNT RECEIVABLE + EQUIPMENT ACCOUNT PAYABLE SHARE CAPITAL +
REVENUE - EXPENSE - DIVIDEND
1 $ 10,000 $ 10,000
2 $ (800) $ (800)
3 $ 3,000 $ 3,000
4 $ 1,500 $ 1,500
5 $ 700 $ 700
6 $ 2,000 $ 2,000
7 $ (900) $ (500)
$ (300)
$ (100)
$ 10,500 $ 2,000 $ 3,000 $ 3,700 $ 10,000 $ 3,500 $ (1,700) $ -
TOTAL
$15,500 $15,500

DEBIT=ASSETS= 12500
CREDIT=LIABILITIES+EQUITY=12500

b. Prepare Income Statement, Owner's Equity Statement, and Balance Sheet.

Karren Waller's Law Office Karren Waller's Law Office

Income Statement Balance Sheet
For The Month Ended May 31, 2018 For The Month Ended May 31, 2018
Revenue Assets Liabilities
Service Revenue $ 3,500.00 Cash $ 10,500 Account Payable $ 3,700
Expenses Account Receivable $ 2,000
Rent Expense $ 800 Equipment $ 3,000 Total Liabilities $ 3,700
Saleries Expense $ 500
Utilities Expense $ 300 Equity
Telephone Expense $ 100 Share Capital $ 10,000
Total Expense $ 1,700 Net Income $ 1,800
Net Income $ 1,800
Total Equity $ 11,800

Karren Waller's Law Office Total Assets $ 15,500 Total Liabilities & Equity $ 15,500
Owner's Equity Statement
For The Month Ended May 31, 2018
Increase:
Investments by owner $ 10,000
Net Income $ 1,800
Total Inrease $ 11,800
Decraese:
Drawing by Owner $ -
Net Loss $ -
Total Decrease $ -
Waller's Capital: May 31, 2018 $ 11,800