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  • Chapter One Questions

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    Kȁzi Zȁn-ĕ Alȁm Ōrnob
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    This document contains instructions for four accounting assignments involving different businesses: 1) Maisie Consulting had transactions in May 2020 and students are asked to prepare financial statements for the month. 2) Sonya Jared opened a law office in July 2020 and had transactions in August. Students are to prepare August financial statements. 3) Beyers Security provided transactions for October and students must prepare October financial statements. 4) Jasmine Worthy started the hair business Expressions in August and students must prepare the August financial statements.

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    Chapter one questions

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    This document contains instructions for four accounting assignments involving different businesses: 1) Maisie Consulting had transactions in May 2020 and students are asked to prepare financial statements for the month. 2) Sonya Jared opened a law office in July 2020 and had transactions in August. Students are to prepare August financial statements. 3) Beyers Security provided transactions for October and students must prepare October financial statements. 4) Jasmine Worthy started the hair business Expressions in August and students must prepare the August financial statements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    12 views3 pages

    Chapter One Questions

    Uploaded by

    Kȁzi Zȁn-ĕ Alȁm Ōrnob
    This document contains instructions for four accounting assignments involving different businesses: 1) Maisie Consulting had transactions in May 2020 and students are asked to prepare financial statements for the month. 2) Sonya Jared opened a law office in July 2020 and had transactions in August. Students are to prepare August financial statements. 3) Beyers Security provided transactions for October and students must prepare October financial statements. 4) Jasmine Worthy started the hair business Expressions in August and students must prepare the August financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Chapter one

    1. Maisie Taft started her own consulting fi rm, Maisie Consulting, on May 1, 2020. The following
    transactions occurred during the month of May

    Instructions

    a. Show the effects of these transactions on the accounting equation.


    b. Prepare an income statement for the month of May.
    c. Prepare an owners’ equity statement for the month of May.
    d. Prepare a Balance Sheet as on May 31, 2020.

    2. Sonya Jared opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash
    $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable
    $4,200, and Owner’s Capital $8,800. During August, the following transactions occurred.
    3. Beyers Security Company provides security services. Selected transactions for Beyers are
    presented below

    Instructions

    a. Show the effects of these transactions on the accounting equation.


    b. Prepare an income statement for the month of October.
    c. Prepare an owners’ equity statement for the month of October.
    d. Prepare a Balance Sheet as on October 31.

    4. Jasmine Worthy started a haircutting business called Expressions. The following events occurred
    during its first month.
    Instructions

    a. Show the effects of these transactions on the accounting equation.


    b. Prepare an income statement for the month of August.
    c. Prepare an owners’ equity statement for the month of August.
    d. Prepare a Balance Sheet as on August 31.

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