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  • ASSETS

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    Ma Elizabeth Crosa Tolibas
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    This document summarizes the assets, liabilities, and equity for Jess's business over the month of August. It shows cash balances increasing from an initial investment of $575,000 along with income from services and decreasing from expenses such as salaries, utilities, and equipment purchases. Major assets acquired include prepaid rent of $80,000, computers costing $48,900, and a vehicle purchased for $250,000. Liabilities are comprised of accounts payable, unearned income, and notes payable used to finance the equipment purchases.

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    This document summarizes the assets, liabilities, and equity for Jess's business over the month of August. It shows cash balances increasing from an initial investment of $575,000 along with income from services and decreasing from expenses such as salaries, utilities, and equipment purchases. Major assets acquired include prepaid rent of $80,000, computers costing $48,900, and a vehicle purchased for $250,000. Liabilities are comprised of accounts payable, unearned income, and notes payable used to finance the equipment purchases.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    12 views5 pages

    ASSETS

    Uploaded by

    Ma Elizabeth Crosa Tolibas
    This document summarizes the assets, liabilities, and equity for Jess's business over the month of August. It shows cash balances increasing from an initial investment of $575,000 along with income from services and decreasing from expenses such as salaries, utilities, and equipment purchases. Major assets acquired include prepaid rent of $80,000, computers costing $48,900, and a vehicle purchased for $250,000. Liabilities are comprised of accounts payable, unearned income, and notes payable used to finance the equipment purchases.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 5

    ASSETS

    CASH

    Dr Cr
    Aug. 1 Initial investment 575,000.00 Aug.2 Prepaid rent 80,000.00
    Aug. 10 Service income 15,000.00 Aug. 5 Advertising expense 4,700.00
    Aug. 15 Service income 13,900.00 Aug. 11 Down payment of equip. 15,000.00
    Aug. 20 Service income 2,000.00 Aug. 19 Drawings 3,200.00
    Aug. 25 Collection of account 19,800.00 Aug. 21 Miscellaneous expense 1,650.00
    Aug. 26 Unearned income 2,500.00 Aug. 23 Payment of account 5,700.00
    Aug. 24 Utilities expense 6,050.00
    Aug. 31 Salaries expense 75,000.00
    628,200.00 191,300.00
    436,900.00

    ACCOUNTS RECEIVABLE

    Dr Cr

    - -
    -

    NOTES RECEIVABLE

    Dr Cr
    Aug. 27 Service income 19,800.00 Aug. 25 Collection of account 19,800.00

    19,800.00 19,800.00
    -

    SUPPLIES

    Dr Cr
    Aug. 4 Purchase of supplies 5,700.00

    5,700.00 -
    5,700.00

    PREPAID RENT

    Dr Cr
    Aug. 2 Advance rent payment 80,000.00

    80,000.00 -
    80, 000.00
    OFFICE EQUIPMENT

    Dr Cr
    Aug. 3 Purchased computers 48,900.00

    48,900.00 -
    48,900.00

    TRANSPORTATION EQUIPMENT

    Dr Cr
    Aug. 11 Purchased A VEHICLE 250,00.00

    250,000.00 -
    250,000.00
    LIABILITIES

    ACCOUNTS PAYABLE

    Dr Cr
    Aug. 23 Payment of account 5,700.00 Aug. 4 Purchase of supplies 5,700.00

    5,700.00 5,700.00
    -

    UNEARNED SERVICE INCOME

    Dr Cr
    Aug. 29 Rendered service 2,500.00 Aug. 26 Unearned income 2,500.00

    2,500.00 2,500.00
    -

    NOTES PAYABLE

    Dr Cr
    Aug. 3 Acquisition of equip. 48,900.00
    Aug. 11 Acquisition of trans. 235,000.00

    - 283,900.00
    283,900.00
    OWNER’S EQUITY

    JESS, CAPITAL

    Dr Cr
    Aug. 1 Initial investment 575,000.00

    - 575,000.00
    575,000.00

    JESS DRAWING

    Dr Cr
    Aug. 19 Personal Withdrawal 3,200.00

    3,200.00 -
    3,200.00

    REVENUE

    SERVICE INCOME

    Dr Cr
    Aug. 10 Rendered Service 15,000.00
    Aug. 15 Rendered Service 13,900.00
    Aug. 20 Rendered Service 2,000.00
    Aug. 22 Rendered Service 19,800.00
    Aug. 29 Rendered Service 2,500.00

    53,200.00
    53,200.00

    EXPENSES

    SALARIES EXPENSE

    Dr Cr
    Aug. 31 Paid salaries 75,000.00

    75,000.00 -
    75,000.00

    UTILITIES EXPENSE

    Dr Cr
    Aug. 24 Paid utilities expense 6,050.00

    6,050.00 -
    6,050.00
    ADVERTISING EXPENSE

    Dr Cr
    Aug. 5 Paid advertising exp. 4,700.00

    4,700.00 -
    4,700.00

    MISCELLANEOUS EXPENSE

    Dr Cr
    Aug. 21 Paid miscellaneous 1,650.00

    1,650.00 -
    1,650.00

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