Question :
88.On September 1, Shawn Dahl established Whitewater Rentals, a canoe : 1169072
88.On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurred in the month of September and affected the following accounts:
Transactions
1. Shawn Dahl invested $45,000 in cash to open the business
2. Paid $12,700 in cash for the purchase of kayak and canoe equipment
3. Paid $1,050 in cash for rent expense
4. Purchased additional kayak and canoe equipment for $3,800 on credit
5. Received $3,900 in cash for kayak rentals
6. Rented canoes and kayaks for $1,200 on account
7. Purchased office equipment for $125 in cash
8. Received $800 in cash from credit clients
9. Shawn Dahl withdrew $1,500 in cash for personal expenses
Based on the information above, what is the fundamental accounting equation at the end of September for Whitewater Rentals?
89.On June 1, Donna Banhil established Solo Services, a voice consulting service. Enter the following transactions for June in the table below using + and – to indicate increases or decreases:
1. Donna Banhil invested $15,000 in cash to open the business
2. Paid $1,500 for June’s rent
3. Paid $4,500 for rent in advance, for the next three months (July-September)
4. Purchased office supplies for $800 on credit
5. Performed voice consulting services and immediately received $1,200 from clients.
6. Gave voice lessons to charge account clients and earned $9,000
7. Paid $100 cash for the supplies purchased earlier in the month
8. Received $1,000 in cash from credit clients billed earlier in the month
90.The figure below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1).
What was the net income or net loss for Sawyer Architecture Services for the month of June?
91.The figure below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1).
Prepare the statement of owner’s equity for Sawyer Architecture Services for the month ended June 30, 2016.
92.The figure below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1).
Prepare the balance sheet for Sawyer Architecture Services as of June 30, 2016.
93.Cullen Beatty plans to start a consulting business—Cullen Consulting Services. In preparation to do this, on April 1, 2016, he invested $50,000 in cash and $19,000 in equipment, and opened an account at Office Plus by purchasing $1,500 in office supplies which is due by the end of the month. He then signed a one-year lease agreement on an office building for $6,000, paying the full amount in advance.
Prepare a Balance Sheet for Cullen Consulting Services as of April 1, 2016, before he conducts any services.
94.Cullen Beatty plans to start a consulting business—Cullen Consulting Services. In preparation to do this, on April 1, 2016, he invested $50,000 in cash and $19,000 in equipment, and opened an account at Office Plus by purchasing $1,500 in office supplies which is due by the end of the month. He then signed a one-year lease agreement on an office building for $6,000, paying the full amount in advance.
Cullen would like an explanation of the accounting for his business actions as of April 1, 2016. Explain the terms and interactions between the categories on a Balance Sheet.
