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Q1) San Garza Properties has been in business for many years. On December 31, 2006, firm's cash balance was $9,121. In January of 2007, 14 events on the following page were recorded in company's accounting system.

 
 
Assets
=
Liabilities
+
Owner's Equity
Date
Accounts
Cash
Other Assets
 
 
 
Contributed Capital
Retained Earnings
1
Cash
18,000
 
 
18,000
 
 
 
 
Bank Loan Payable
 
 
 
 
 
 
 
2
Rent Expense
 
 
 
 
 
 
 
 
Cash
(3000)
 
 
 
 
 
(3000)
3
Office Furniture

5,500
 
 
 
 
 
 
Cash
(5,500)
 
 
 
 
 
 
4
Merchandise
 
9,000
 

 
 
 
 
Accounts Payable
 
 
 
 9,000
 
 
 
5
Cash
10,000
 
 

 
 
 
 
Common stock
 
 
 
10,000
 
 
 
6
Adverting Receivable
 
 
 
 
 
 
 (2,200)
 
Cash
(2,200)
 
 
 
 
 

7
Accounts Receivable
 
18,000
 
 
 
 

 
Sales Revenue
 
 
 
 
 
 
 18,000
8
Merchandise
 
(7,500)
 
 
 
 

 
Costs of Goods Sold
 
 
 
 
 
 
 (7,500)
9
Cash
8,100

 
 
 
 
 
 
Accounts Receivable
 
(8,100)
 
 
 
 
 
10
Accounts Payable

 
 
(7,000)
 
 
 
 
Cash
(7,000)
 
 
 
 
 
 
11
Computer Equipment

4,800
 
 
 
 
 
 
Cash
 (4,800)
 
 
 
 
 
 
12
Wages Expense
 
 
 

 
 
(1,400)
 
Wages Payable
 
 
 
 1,400
 
 
 
13
Dividends
 
 
 
 
 
 
(2,000)
 
Cash
(2,000)
 
 
 
 
 

14
Bank Loan Payable
 
 
 
(5,000)
 
 
 
 
Interest Expense
 
 
 

 
 

 
Cash
(5,135)
 
 
 
 
 
(135)
 
Ending Amounts
$6,465
$21,700
 
=
$16,400
$10,000
$1,765

problems:

Create a statement of cash flows for month of January 2007. Use good form and th direct format.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920633

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