Introduction to Accounting Assignment 1
Due date: 27 May 2023
P1.7B Lynn Timothy started her own consulting firm, Timothy Consulting, on June 1, 2021. The following transactions occurred during the month of June:
June 1 Sold her shares in Big Country Airlines for $7,000, which she deposited in her personal bank account.
1 Transferred $6,000 from her personal account to a business account the name of Timothy Consulting.
2 Paid $900 for office rent for the month.
3 Purchased $545 of supplies on account.
5 Paid $95 to advertise in the County News.
9 Received $3,275 for services provided
12 Withdrew $600 for personal use.
15 Performed $5,000 of services on account.
17 Paid $1,800 for employee salaries.
21 Received $3,000 for services provided on account on June 15.
22 Paid for the supplies purchased on account on June 3.
25 Signed a contract to provide consulting services to a client for $5,500. Services will be performed and paid for in July.
26 Borrowed $5,500 from the bank and signed a note payable.
29 Used part of the cash borrowed from the bank on June 26 to purchase equipment for $2,150.
30 Paid $150 for telephone service for the month.
30 Received $2,500 from client for consulting to be provided in July
Instructions:
- Provide a tabular analysis of the effects of the above transactions on the accounting equation. (25
- Provide an Income Statement and owner’s equity for the month ended June 30.
- Provide a balance sheet at June 30
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