Business, 05.02.2021 21:50 ashleybaber4966

Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and handle third-story work. (Lisa is afraid of heights.) The transactions for the month of July are as follows: a. On the first day of the month, Vozniak invested cash by marketing a deposit in a bank account for the business, $8,000.
b. Paid rent for July, $150.00
c. Purchased a used van for cash, $5,000.
d. Purchased tools on account from Clean Tools, $600.
e. Purchased cleaning supplies that cost $300. Paid $200 cash and will pay the balance next month, $100.
f. Paid part-time assistant (wages) for first half of month, $100.
g. Paid for advertising, $75.
h. Paid two-years premium for liability insurance on van, $480.
i. Received cash from clients for services performed, $800.
j. Performed cleaning services for client on account, $500.
k. Paid phone bill, $40.
l. Received cash from clients for window cleaning performed on account in transaction (j), $200.
m. Paid part-time assistant (wages) for last half of month, $150.
n. Made partial payment on tools purchased in transaction (d), $200.
o. Earned additional revenue amounting to $800: $600 in cash and $200 on account.
p. Vozniak withdrew cash at the end of the month for personal expenses, $100.

Required:

1. Enter the above transactions in an accounting equation similar to the one illustrated below:

Assets = Liabilities + Owner's Equity
(items Owned) (Amounts Owed) (Owner's Investment) + (Earnings)
Cash + Accounts Receivable +Supplies + Prepaid Ins. + Tools + Van = Account Payable +Lisa Vozniak Capital - Lisa Vozniak Drawing + Revenues - Expenses Description

2. After transaction (p), compute the balance of each account.
3. Prepare an income statement for We Do Windows for the month of July 2016.
4. Prepare a statement of owner's equity for We Do Windows for the month of July 2016.
5. Prepare a balance sheet for We Do Windows as of July 31, 2016.

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Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleani...

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