Hi All,
I recently received the question listed below. I'll be fine with the income statement and balance sheet - but nowhere can I find any reference in my textbook to a worksheet! It looks like this is a pretty standard question - does anyone have an example of a worksheet answer for this question I can review???
Thanks in Advance
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Roger Miller started his own delivery service, RM Ltd, on 1 January 2010. The following transactions occurred during the month of January.
Jan
1Roger Miller invested $15,000 cash in the business in exchange for shares.
2Purchased a van from Kar Motors for deliveries for $10,000. RM Ltd paid $2,000 cash and the remaining balance was on credit.
3Paid office rent of $500 for the month
4Performed $1,000 of delivery service for Norman Harvey
5Purchased Office Desk for $150 from Furniture Mart.
6Received a cash payment of $750 from Norman Harvey.
7Purchased petrol $100 on credit from LG Service Station
8Received a cash payment of $1,500 for delivery services provided
9Made a cash payment of $500 to Kar Motors
10Paid Electricity $250
11Paid the amount owing to LG Service Station
12Paid Salaries to employees $500
Required
1.Design and complete a suitable accounting worksheet for the month of January for RM Ltd
2.Using the information contained in the worksheet, complete the
a.Income Statement and
b.Balance Sheet for RM Ltd
I recently received the question listed below. I'll be fine with the income statement and balance sheet - but nowhere can I find any reference in my textbook to a worksheet! It looks like this is a pretty standard question - does anyone have an example of a worksheet answer for this question I can review???
Thanks in Advance
---------------------------------------------------------------------------------------------
Roger Miller started his own delivery service, RM Ltd, on 1 January 2010. The following transactions occurred during the month of January.
Jan
1Roger Miller invested $15,000 cash in the business in exchange for shares.
2Purchased a van from Kar Motors for deliveries for $10,000. RM Ltd paid $2,000 cash and the remaining balance was on credit.
3Paid office rent of $500 for the month
4Performed $1,000 of delivery service for Norman Harvey
5Purchased Office Desk for $150 from Furniture Mart.
6Received a cash payment of $750 from Norman Harvey.
7Purchased petrol $100 on credit from LG Service Station
8Received a cash payment of $1,500 for delivery services provided
9Made a cash payment of $500 to Kar Motors
10Paid Electricity $250
11Paid the amount owing to LG Service Station
12Paid Salaries to employees $500
Required
1.Design and complete a suitable accounting worksheet for the month of January for RM Ltd
2.Using the information contained in the worksheet, complete the
a.Income Statement and
b.Balance Sheet for RM Ltd