Chau Pham launched a new business called Pham’s Maintenance Co. that began operations on June 1, 2021. The following transactions were completed by the company during the first month:
|
June |
1 |
Pham invested $175,000 in the business in exchange for common stock. |
|
|
2 |
Rented a furnished office and paid $7,500 cash for June’s rent. |
|
|
4 |
Purchased $3,000 worth of equipment from Skyline Office equipment paying $1,000 cash with the balance being paid in 20 days. |
|
|
6 |
Paid $1,300 cash to advertise the grand opening of the business. |
|
|
9 |
Performed maintenance services for a customer and was immediately paid $1,000 in cash. |
|
|
10 |
Performed $8,500 of maintenance services for PDQ Company on credit. |
|
|
12 |
Paid $300 in cash to Hernandez Bookkeeping Services for work performed during June. |
|
|
20 |
Received $8,500 from PDQ Company for maintenance work done on June 10. |
|
|
21 |
Performed maintenance services totaling $650. The customer paid cash immediately. |
|
|
22 |
Performed $1,250 of maintenance services on credit for Patel Realty. |
|
|
23 |
Performed $8,500 of maintenance services on credit for the Alaska Mall. |
|
|
24 |
Paid $2,000 balance due to Skyline for the equipment purchased on June 4. |
|
|
30 |
Received $1,250 in cash for services performed for Lee Realty on June 22. |
|
|
30 |
Paid $250 cash for this month’s telephone bill. |
|
|
30 |
Paid $750 cash for utilities. |
|
|
30 |
Paid $3,000 cash for dividends. |
Required:
-
Arrange the following asset, liability, and equity titles in a table: Cash; Accounts Receivable; Equipment; Accounts Payable; Common Stock; and Retained Earnings.
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Include an Explanation column for changes in equity.
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Show the effects of the transactions on the accounts of the accounting equation by recording the increases and decreases in the appropriate columns.
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Do not determine new account balances after each transaction.
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Next to each change in equity, state whether it was caused by an investment, a revenue, an expense, or a dividend.
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Determine the final total for each account and verify that the equation is in balance.
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Prepare a June unadjusted income statement, a June unadjusted statement of retained earnings, a June 30 unadjusted balance sheet, and a June unadjusted statement of cash flows.
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