Description Assets Liabilities Owner's Equity Accounts Office Cash Receivable Supplies Land Accounts Stefanni, Payable Capital Stefanni, Service Rent Salaries Withdrawals Revenue Expense Expense Total Total Total Owner's Assets Liabilities Equity Received $50,000 cash from the owner, Luigi Stefanni. +50,000 +50,000 Balance 50,000 0 0 0 0 50,000 0 0 0 0 50,000 0 50,000 Purchased land for $23,000 cash. -23,000 +23,000 Balance 27,000 0 0 23,000 0 50,000 0 0 0 0 50,000 0 50,000 Purchased $300 of office supplies on account. +300 +300 Balance 27,000 0 300 23,000 300 50,000 0 0 0 0 50,300 300 50,000 Received $7,500 cash for services performed. +7,500 +7,500 Balance 34,500 0 300 23,000 300 50,000 0 7,500 0 0 의 57,800 300 57,500 Performed services on account, $2,000. +2,000 +2,000 Balance 34,500 2,000 300 23,000 300 50,000 0 9,500 0 0 59,800 300 59,500 Paid in cash: $1,500 for rent & $1,100 for employees' salaries -1,500 -1,500 Balance 33,000 2,000 300 23,000 Paid $250 to creditor on account. -250 300 -250 Office on the web Frame 9,500 -1,500 0 58,300 300 58,000 Balance 32,750 2,000 300 23,000 50 50,000 0 9,500 -1,500 0 58,050 50 58,000 Collected $1,600 from customers on account. +1,600 +1,600 Balance 34,350 2,000 300 23,000 50 51,600 0 9,500 -1,500 0 59,650 50 59,600 Stefanni withdrew $4,000 cash from the business. -4,000 -4,000 Balance 30,350 2,000 300 23,000 50 51,600 -4,000 9,500 -1,500 55,650 50 55,600 Statement of Owner's Equity $ 0 $
Description Assets Liabilities Owner's Equity Accounts Office Cash Receivable Supplies Land Accounts Stefanni, Payable Capital Stefanni, Service Rent Salaries Withdrawals Revenue Expense Expense Total Total Total Owner's Assets Liabilities Equity Received $50,000 cash from the owner, Luigi Stefanni. +50,000 +50,000 Balance 50,000 0 0 0 0 50,000 0 0 0 0 50,000 0 50,000 Purchased land for $23,000 cash. -23,000 +23,000 Balance 27,000 0 0 23,000 0 50,000 0 0 0 0 50,000 0 50,000 Purchased $300 of office supplies on account. +300 +300 Balance 27,000 0 300 23,000 300 50,000 0 0 0 0 50,300 300 50,000 Received $7,500 cash for services performed. +7,500 +7,500 Balance 34,500 0 300 23,000 300 50,000 0 7,500 0 0 의 57,800 300 57,500 Performed services on account, $2,000. +2,000 +2,000 Balance 34,500 2,000 300 23,000 300 50,000 0 9,500 0 0 59,800 300 59,500 Paid in cash: $1,500 for rent & $1,100 for employees' salaries -1,500 -1,500 Balance 33,000 2,000 300 23,000 Paid $250 to creditor on account. -250 300 -250 Office on the web Frame 9,500 -1,500 0 58,300 300 58,000 Balance 32,750 2,000 300 23,000 50 50,000 0 9,500 -1,500 0 58,050 50 58,000 Collected $1,600 from customers on account. +1,600 +1,600 Balance 34,350 2,000 300 23,000 50 51,600 0 9,500 -1,500 0 59,650 50 59,600 Stefanni withdrew $4,000 cash from the business. -4,000 -4,000 Balance 30,350 2,000 300 23,000 50 51,600 -4,000 9,500 -1,500 55,650 50 55,600 Statement of Owner's Equity $ 0 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare the statement of owner's equity.
Transcribed Image Text:Description
Assets
Liabilities
Owner's Equity
Accounts Office
Cash
Receivable Supplies
Land
Accounts Stefanni,
Payable
Capital
Stefanni, Service Rent Salaries
Withdrawals Revenue Expense Expense
Total
Total Total Owner's
Assets Liabilities Equity
Received $50,000 cash from the
owner, Luigi Stefanni.
+50,000
+50,000
Balance
50,000
0
0
0
0
50,000
0
0
0
0
50,000
0 50,000
Purchased land for $23,000 cash.
-23,000
+23,000
Balance
27,000
0
0
23,000
0
50,000
0
0
0
0
50,000
0
50,000
Purchased $300 of office supplies
on account.
+300
+300
Balance
27,000
0
300
23,000
300
50,000
0
0
0
0
50,300
300
50,000
Received $7,500 cash for services
performed.
+7,500
+7,500
Balance
34,500
0
300
23,000
300
50,000
0
7,500
0
0
의
57,800
300
57,500
Performed services on account,
$2,000.
+2,000
+2,000
Balance
34,500
2,000
300
23,000
300
50,000
0
9,500
0
0
59,800
300
59,500
Paid in cash: $1,500 for rent &
$1,100 for employees' salaries
-1,500
-1,500
Balance
33,000
2,000
300
23,000
Paid $250 to creditor on account.
-250
300
-250
Office on the web Frame 9,500
-1,500
0
58,300
300
58,000
Balance
32,750
2,000
300
23,000
50
50,000
0
9,500
-1,500
0
58,050
50
58,000
Collected $1,600 from customers
on account.
+1,600
+1,600
Balance
34,350
2,000
300
23,000
50
51,600
0
9,500
-1,500
0
59,650
50
59,600
Stefanni withdrew $4,000 cash
from the business.
-4,000
-4,000
Balance
30,350
2,000
300
23,000
50
51,600
-4,000
9,500 -1,500
55,650
50
55,600
Transcribed Image Text:Statement of Owner's Equity
$
0
$
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