Accounting Equation Worksheet, Income Statement, Statement of Owners' Equity, and Balance Sheet
Chapter 1 End-of-Chapter Project
SUBMIT IN WORD DOC FORMAT VIA WEBCT EMAIL FUNCTION
CLEARLY PRINT YOUR NAME AND ASSIGNMENT NAME AT THE TOP OF EACH PAGE
At the beginning of last month, Harley Franks started a barbershop, Harley’s Cutters. The following events occurred during the month.
Harley invested $30,000 cash in the company.
Harley purchased $15,000 of equipment for cash.
Harley paid $500 cash to rent space for the first month of operations.
Harley purchased $1,200 of equipment on a note payable.
Cash received from haircutting services for the first half of the month was $900.
Harley provided $200 of haircutting services on account.
Harley received and deposited a $100 check for the services previously provided.
Harley paid $200 cash to an assistant for hours worked during the grand opening.
Cash received from services provided during the second half of the month was $1,000.
Harley paid $400 towards the principal on the note payable.
Harley made a $900 cash withdrawal from the company.
Requirements:
Complete the accounting equation worksheet for the transactions. Total each worksheet column. Verify that Assets = Liabilities + Equity.
In proper order and form, prepare and Income Statement, Statement of Owners’ Equity and Balance Sheet. Harley’s Cutter Accounting Equation Worksheet
Assets = Liab + Equity Cash AccRec PPE Note Pay Capital - Draws + Rev - Exp
30,000 30,000
(15,000) 15,000 (500) (500) 1,200 1,200 900 900 200 200 100 100) (200) (200)
SUBMIT IN WORD DOC FORMAT VIA WEBCT EMAIL FUNCTION
CLEARLY PRINT YOUR NAME AND ASSIGNMENT NAME AT THE TOP OF EACH PAGE
At the beginning of last month, Harley Franks started a barbershop, Harley’s Cutters. The following events occurred during the month.
Harley invested $30,000 cash in the company.
Harley purchased $15,000 of equipment for cash.
Harley paid $500 cash to rent space for the first month of operations.
Harley purchased $1,200 of equipment on a note payable.
Cash received from haircutting services for the first half of the month was $900.
Harley provided $200 of haircutting services on account.
Harley received and deposited a $100 check for the services previously provided.
Harley paid $200 cash to an assistant for hours worked during the grand opening.
Cash received from services provided during the second half of the month was $1,000.
Harley paid $400 towards the principal on the note payable.
Harley made a $900 cash withdrawal from the company.
Requirements:
Complete the accounting equation worksheet for the transactions. Total each worksheet column. Verify that Assets = Liabilities + Equity.
In proper order and form, prepare and Income Statement, Statement of Owners’ Equity and Balance Sheet. Harley’s Cutter Accounting Equation Worksheet
Assets = Liab + Equity Cash AccRec PPE Note Pay Capital - Draws + Rev - Exp
30,000 30,000
(15,000) 15,000 (500) (500) 1,200 1,200 900 900 200 200 100 100) (200) (200)