Question

Ali opened an auditing office, the balance sheet on May 1, 2006 showed cash       $10000,...

Ali opened an auditing office, the balance sheet on May 1, 2006 showed cash

      $10000, accounts receivable $2000, supplies $1000, equipment $2000, account

Payable $4000, Ali capital $11000. During the month of May the following

      Transactions occurred:

  1. Paid $2500 cash for office rent (expenses) .
  2. Receive cash fees $6000.
  3. Collect receivables $1500.
  4. withdraw $500 for personal use
  5. Paid $3000 on accounts payable.
  6. Purchase a computer $1500 on credit.

Instructions:

  1. Prepare a tabular analysis of the month of May transaction beginning with May 1 balance sheet, use the following column headings:

Cash + Accounts Receivable + Supplies + Equipment = Account Payable + Ali Capital.

Business   Accounting   
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Homework Answers

Answer #1

Assets = Liabilities + capital

$16,500 = $2,500 + $14,000

$16,500 = $16,500

Accounting Equation balanced.

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