An analysis of the transactions made by Sheridan & Co., a certified public accounting firm,...
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Accounting
An analysis of the transactions made by Sheridan & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $ 600 for rent, $ 5,300 for salaries and wages, and $ 700 for utilities. Accounts Accounts Owner's Owner's + Receivable + Supplies - Equipment = Payable + Capital - Drawings + Revenues Cash 1. $ 15,000 $ 15,000 2. $ 4.000 $ 2,600 1,400 3. - 800 $ 800 4. 3,800 $ 4,600 $ 8,400 5. - 1,100 1,100 6. -$2,100 2,100 7. - 600 8. 550 - 550 9. 5,300 10. 700 Assume that August is the company's first month of business. Prepare an income statement for August 31, 2020. SHERIDAN & CO. Income Statement August 31, 2020 Revenues revenu $ $ > $ $ List of Accounts Prepare an owner's equity statement for August 31, 2020. (List items that increase owner's equity first.) SHERIDAN & CO. Owner's Equity Statement > $ : > > $ List of Accounts Prepare a balance sheet at August 31, 2020. (List Assets in order of liquidity.) SHERIDAN & CO. Balance Sheet Assets $ $ Liabilities and Owner's Equity $
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