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Create a transaction statement with the following information and a few other quick statements (income, balance, owners equity) and few problems answered I am having trouble with.

Jan Martinelli, a junior in college, has been seeking manner to earn extra spending money. As an active sports enthusiast, Jan plays tennis regularly at Naples Tennis Club, where her family has a membership. The president of club recently approached Jan with proposal that she direct the club’s tennis courts. Jan’s primary duty would be to supervise operation of the club’s four indoor and 10 outdoor courts, including court reservations.

In return for her services, the club would pay Jan $300 per week, plus Jan could keep whatever she earned from lessons and fees from the use of the ball machine. The club and Jan agreed to a one-month trial, after which both would consider an arrangement for the remaining two years of Jan’s college career. On the basis, Jan organized Topspin. Throughout April 2012, Jan managed the tennis courts and entered in the following transactions:

A. Opened a business account by the depositing $1,000

B. Paid $300 for tennis supplies (practice tennis balls, etc.).

C. Paid $200 for rental of video equipment to be used in offering lessons during April.

D. Arranged for rental of two ball machines during April for $250. Paid $100 in advance, with the remaining $150 due May 1.

E. Received $1,600 for lessons given during April

F. Received $500 in fees from use of the ball machines during April

G. Paid $800 for salaries of part-time employees who answered the telephone and took reservations while Jan was giving lessons.

H. Paid $225 for miscellaneous expenditures.

I. Received $1,200 from the club for managing tennis courts during April

J. Determined that the cost of supplies on hand at end of the month totaled $180; thus, the cost of supplies used was $120

K. Withdrew $250 for personal use on April 30th

L. Indicate the effect of each transaction and balances after each transaction using the subsequent tabular headings:

Assets = Liabilities + Owners Equity

Cash + Supplies= Accounts + Jan - Jan + Service - Service - Rent- Supplies -Misc
Payable     Martinelli Martinelli    Revenue     Expense   ExpenseExpenseExpense
           Capital        Drawing

Also things to be answered

1) Make an income statement for April

2) Make a statement of owner’s equity for April

3) Make a balance sheet as of April 30th.

4) A) suppose that Jan could earn $9 per hour working 30 hours a week as a waitress. find out which of the two alternatives, working as a waitress or operating Topspin, would provide Jan with the most income per month?

B) Discuss any other factors which you believe Jan must consider before discussing a long-term arrangement with the Naples Tennis Club

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91113

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