1.

7B
Asset ($)
Account
Date Cash
receivables
Opening bal.
a 95,000
b (20,000)
c (20,000)
d
e (400)
f 1,800
g 2,000
h (5,000)
i 1,800 (1,800)
j (2,000)
k (2,000)

Ending bal. 49,400 -

curtis hami;iton
income statement
Revenues 3,800
Expenses 2,400
total 1,400
 Asset ($) = Liabilities ($)
Account
Supplies Equipment Building
payable

20,000
120,000
20,000
1,400 3,000 4,400

(2,000)

1,400 43,000 120,000 - 2,400

curtis hami;iton
statement of owner's equity
Owners' Capital 115,000
income statement 1,400
Owners' Withdrawals 5,000
total 111,400
Liabilities ($) + Equity ($)
Notes
Owners' Capital Owners' Withdrawals Revenues
payable

115,000
100,000

1,800
2,000
5,000

100,000 - 115,000 5,000 3,800

Net income

curtis hami;iton
balance sheet
assets libilityes and equity
Cash 49,400 Account payable 2,400
Account receivable - Notes payable 100,000
Supplies 1,400 total libilities 102,400
Equipment 43,000 Owners' Capital 111,400
Building 120,000 total libilities and equity 213,800
total assets 213,800
Expenses

400

2,000

2,400

1,400
 Problem 1.8A

Asset ($) =
Account
Date Cash Equipment
receivables
Opening bal.
1 60,000
1 (3,200)
3 1,680
5 (800)
8 4,600
12 3,000
15 (850)
20 3,000 (3,000)
22 2,800
25 2,800 (2,800)
26 (1,680)
27
28 (850)
30 (200)
30 (480)
31 (1,200)

Ending bal. 61,140 - 1,680 -

Total asse 62,820

J.D.Simpson
Income Statement
Revenue 10,400
Expenses 6,440
N.I 3,960

Statement of J.D Simpson

J.D.Simpson capital 0
J.D.Simpson invest 60,000
J.D.Simpson withdrawal 1,200
N.I 3,960
Total 62760
 Liabilities ($) + Equity ($)
J. D. Owners'
Account payable Simpson, Withdrawal Revenues Expenses
Capital s

60,000
3,200
1,680
800
4,600
3,000
850

2,800

(1,680)
60 60
850
200
480
1,200

60 - 60,000 1,200 10,400 6,440

Total 62,820 Net income 3,960

Balance Sheet
Asset Liablilites
Cash 61,140 Account payable
Account receivable - Total liablities
Equipment 1,680 Equity
Total asset 62,820 J.D.Simpson capital
Total liabilities and total equity
ites
60
60
ty
62760
62,820
 Asset ($) =
Account
Date Cash Equipment
receivables
Opening bal.
1 120,000
2 (4,500)
4 2,400
6 (1,125)
8 750
14 6,300
16 (900)
20 6,300 (6,300)
21 3,500
24 825
25 3,500 (3,500)
26 (2,400)
28 (900)
29 (2,000)
30 (120)
30 (525)

Ending bal. 118,080 825 2,400

total asset: =( 121,305

 Liabilities ($) + Equity ($)
Owners' Owners'
Account payable Revenues Expenses
Capital Withdrawals

120,000
4,500
2,400
1,125
750
6,300
900

3,500
825

(2,400)
900
2,000
120
525

- 120,000 2,000 11,375 8,070

g
Net income 3,305
 Asset ($) = Liabilities ($)
Account
Date Cash Supplies Equipment Account payable
receivables
Opening bal.
1 60,000
2 (500)
3 (800) 4,000 3,200
6 (500) 500
8 2,200
10 3,800 3,800
15 2,400
17 1,920 1,920
23 (3,800) (3,800)
25 5,000
28 2,400 (2,400)
30 (1,260)
31 (260)
31 (1,200)

Ending bal. 56,280 5,000 2,420 7,800 5,120

total asset 71,500

+ Equity ($)
Owners'
Owners'
Withdrawal Revenues Expenses
Capital
s

60,000
500

2,200

2,400

5,000

1,260
260
1,200

60,000 1,200 9,600 2,020

g
Net income 7,580
 Asset ($) =
Date Cash Account receivables Supplies Equipment
Opening bal.
1 56,000
2 (800)
3 (3,200) 14,000
5 (900) 900
6 1,000
8 3,800
15 4,000
18 500
20 (3,800)
24 600
28 4,000 (4,000)
29 (1,200)
30 (440)
31 (700)

Ending bal. 49,960 600 1,400 17,800

Total asset: 69,760

 Liabilities ($) + Equity ($)
Owners' Owners'
Account payable Revenues Expenses
Capital Withdrawals

56,000
800
10,800

1,000
3,800
4,000
500
(3,800)
600

1,200
440
700

11,300 56,000 700 5,600 2,440

g
Net income 3,160