Complete this question by entering your answers in the tabs below.T Accounts Trial BalancePrepare a balance sheet.AssetsTotal AssetsIncome Statement ofStatement Owners EquityBalance SheetSARA-JAYNE PARSONS, ARCHITECTBalance SheetJanuary 31, 20X1LiabilitiesOwner's Equity0 Total Liabilities and Owner's Equity< Statement of Owners EquityAnalyze▬▬▬Analyze >0 Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow.Transactionsa. Sara-Jayne Parsons invested $20,000 in cash to start the business.b. Paid $2,000 for advertisements in a design magazine.c. Purchased furniture for $4,100 in cash.d. Performed services for $6,050 in cash.e. Paid $240 for the monthly telephone bill.f. Performed services for $1,680 on credit.g. Purchased equipment, a fax machine, for $475; paid $75 in cash, with the balance due in 30 days.h. Paid a bill for $610 from the office cleaning service (debit miscellaneous expense).i. Received $1,660 from clients on account.j. Purchased furniture (office chairs) for $605; received credit terms of 30 days.k. Paid $4,600 for salaries.I. Issued a check for $255 in partial payment of the amount owed for furniture (office chairs).m. Received $2,420 in cash for services performed.n. Issued a check for $520 for utilities expense.o. Performed services for $2,210 on credit.p. Collected $960 from clients on account.q. Sara-Jayne Parsons withdrew $2,560 in cash for personal expenses.r. Paid $660 to Quick Copy for photocopy work performed during the month (debit miscellaneous expense).

Balance Sheet: It implies a financial statement that is prepared by the business to account for all…

Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Prepare a balance sheet. Assets Total Assets Income Statement Statement of Owners Equity $ SARA-JAYNE PARSONS, ARCHITECT Balance Sheet Balance Sheet January 31, 20X1 Liabilities Owner's Equity Analyze 0 Total Liabilities and Owner's Equity < Statement of Owners Equity $ Analyze > 0

Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Prepare a balance sheet. Assets Total Assets Income Statement Statement of Owners Equity $ SARA-JAYNE PARSONS, ARCHITECT Balance Sheet Balance Sheet January 31, 20X1 Liabilities Owner's Equity Analyze 0 Total Liabilities and Owner's Equity < Statement of Owners Equity $ Analyze > 0

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 21P: Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home...

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