FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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After several months of planning, Jasmine Worthy started a haircutting business called Expressions. The
following events occurred during its first month of business.
a. Aug. 1 Worthy invested $3,000 cash and $15,000 of equipment in Expressions.
b. 2 Expressions paid $600 cash for furniture for the shop.
c. 3 Expressions paid $500 cash to rent space in a strip mall for August.
d. 4 Purchased $1,200 of equipment on credit for the shop (recorded as accounts payable).
e. 15 Expressions opened for business on August 5. Cash received from haircutting services in the
first week and a half of business (ended August 15) was $825.
f. 16 Expressions provided $100 of haircutting services on credit.
g. 17 Expressions received a $100 check for services previously rendered on credit.
h. 18 Expressions paid $125 cash to an assistant for hours worked for the grand opening.
i. 31 Cash received from services provided during the second half of August was $930.
j. 31 Expressions paid $400 cash toward the accounts payable entered into on August 4.
k. 31 Worthy made a $900 cash withdrawal from Expressions for personal use. Prepare a
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