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PR 1-5A Chapter 1

The balance sheet from July 1 shows total assets of $220,000, consisting of cash, accounts receivable, and land. Total liabilities and equity are also $220,000, with $40,000 in accounts payable and $180,000 in Joel Palk's equity. The documents provide additional financial information through July 31, including revenue, expenses and cash flows that resulted in total equity of $266,775.

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127 views5 pages

PR 1-5A Chapter 1

The balance sheet from July 1 shows total assets of $220,000, consisting of cash, accounts receivable, and land. Total liabilities and equity are also $220,000, with $40,000 in accounts payable and $180,000 in Joel Palk's equity. The documents provide additional financial information through July 31, including revenue, expenses and cash flows that resulted in total equity of $266,775.

Uploaded by

Naufal I L
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Balance Sheet

Jul-01
Asset Liabilities + Joel Palk's Equity
Cash 45,000 Accounts Payable 40,000
Account Receivable 93,000 Joel Palk's Equity 180,000
Supplies 7,000
Land 75,000

Total Asset 220,000 Total Liablities + Joel Palk's Equity 220,000


Balance Sheet

Asset Liabilities + Joel Palk's Equity


Cash 45,000 Accounts Payable
a. Deposit 35,000 f. Paid Creditors
b. Paid for the purchase of land - 50,000 h. Invoice
c. Received cash 32,125
d. Paid rent - 6,000
e. Purchased supplies - 2,500
f. Paid Creditors - 22,800
i. Wages Expense - 7,500
i. Truck expense - 2,500
i. Utilities expense - 1,300
i. Misc. Expense - 2,700
j. Received Cash 88,000
l. withdraw - 12,000
Account Receivable 93,000 Joel Palk's Equity
j. Receive cash - 88,000 a. Additional Capital
g. Revenue Dry cleaning 84,750 l. withdraw
Net Income
Supplies
Supplies 7,000
e. Purchased Supplies 2,500
k. Supplies Used - 3,600 5,900
Land 75,000
Purchase land 50,000

Total Asset 313,475 Total Liablities + Joel Palk's Equity


Income Statement
c. Dry Cleaning Revenue 32,125
g. Dry Cleaning Revenue 84,750
40,000
- 22,800 k. Supplies Expense - 3,600
29,500

d. Rent Expense - 6,000


h. Dry Cleaning Expense - 29,500
i. Wages Expense - 7,500
i. Truck expense - 2,500
i. Utilities expense - 1,300
I. Misc. Expense - 2,700

63,775

180,000
35,000
- 12,000
63,775

313,475
Cash Flow

Cash 45,000
Deposit 35,000
Paid for the purchase of land - 50,000
Received cash 32,125
Paid rent - 6,000
Purchased supplies - 2,500
Paid Creditors - 22,800
Wages Expense - 7,500
Truck expense - 2,500
Utilities expense - 1,300
Misc. Expense - 2,700
Received Cash 88,000
withdraw - 12,000
Cash per July 31 92,825
Owner Equity

Joel Palk's Equity 180,000


Additional Capital 35,000
withdraw - 12,000
Net Income 63,775

Total Equity 266,775

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