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Module 01 Written Assignment – The Accounting Equation

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Module 1 Assignment: Bill Smith opened Smith Construction on April 1, 20xx. The following amounts summarize the transactions and financial position of Smith construction as of May 31. During May the following transactions occurred: 1-May Smith received $10,000 as an inheritance and used it to buy stock in the company. 7-May Smith paid his accounts payable balance. 15-May Smith replaced some windows for a client and received $5,000 cash for his services 17-May Smith collected $1,200 from a customer for a job performed in April 20-May Smith purchased supplies for $1,000 on account 24-May Smith gave a bid to a customer and billed the customer for the services performed $800 25-May Smith sold $5,000 of company stock to his brother 28-May Smith paid wages to his workers of $1,800 30-May Smith paid office rent of $1,000 30-May Smith paid dividends to himself of $1,400 Requirements: 1 April Bal. 1-May Enter the transactions for May into the accounting equation, calculating new balances after each entry. + Assets = Liabilities Accounts Accounts Common Cash + receivable + Supplies + Equipment payable stock Rent Expense – Dividends + + + $24,000.00 = $5,100.00 $5,100.00 – $1,980.00 – – + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $1,540.00 + $3,680.00 + + $24,000.00 = $5,100.00 + $21,000.00 + $5,100.00 – $1,980.00 – – + $21,000.00 + – $3,680.00 + $3,680.00 + Stockholders’ Equity Service Salaries revenue expense $1,540.00 + $1,540.00 + + + 7-May 15-May 17-May 20-May 24-May 25-May 28-May 30-May 30-May Bal. 2 Prepare the Income Statement for the month of May for Smith Construction. Smith Construction Income Statement For the Two Months Ended May 31, 20xx Revenues: Service Revenue Expenses: Salaries Expense Rent Expense Net Income 3 Prepare the Statement of Retained Earnings for Smith Construction for the Month of May. Smith Construction Statement of Retained Earnings For the Two Months Ended May 31, 20xx Retained Earnings, April 1 Add: Net Income Less: Dividends Net Increase in Retained Earnings Retained Earnings, May 31 4 $0 Prepare the Balance Sheet for Smith Construction as of May 31, 20xx Smith Construction Balance Sheet May 31, 20xx ASSETS Cash Accounts Receivable Supplies Equipment LIABILITIES Accounts Payable Total Liabilities STOCKHOLDER’S EQUITY Common Stock Retained Earnings Total Stockholder’s Equity Total Assets Total Liabilities & Stockholders Equity Retained EarningsPurchase answer to see full attachment
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