Week 1 Assignment
Question 1
Ruddy Lewis operates a bike repair shop operating under the name R.L. Bike Repairs. The balances of his accounts on April 1 of the current year were as follows:
Cash$10,800
Supplies 1,200
Machines 6,400
Accounts Payable 6,000
Capital 12,400
The following transactions were incurred for the month of April:
You are required to record the transactions in the form provided, showing the balances on each account at the end of each transaction cycle. Transaction 1 has been completed for you.
- Paid wages of $700 for 1st pay period in the month
- Paid creditors on account $4,000
- Purchased a new machine on account for $3,100
- Received $7,200 cash from customers for bike repairs service
- Paid courier service expense $280
- Paid $850 cash for wages for the 2nd pay period in the month.
- Ruddy Lewis withdrew $500 cash for personal use (“drawings”)
- Paid creditors on account $1,200
- Inventory of supplies at end of the month (April 30) was $550
- Received $3,500 cash from customers for bike repairs service
Question 1 continued
Assets = Liabilities + Owners Equity | |||||||||
Balance April 1 | + | Cash | + | Supplies | Machines | Accounts Payable | Ruddy Lewis, Capital | ||
Balance (April 1) $10,800 $1,200 | $6,400 | $6,000 | $12,400 | ||||||
Transaction Numbers | |||||||||
1 | -700 | 0 | 0 | 0 | -700 | ||||
Balance | $10,100 | $1,200 | $6,400 | $6,000 | $11,700 | ||||
2 | -4000 | 0 | 0 | -4000 | 0 | ||||
Balance | $6,100 | $1,200 | $6,400 | $2,000 | $11,700 | ||||
3 | 3100 | 3100 | 0 | ||||||
Balance | $6,100 | $1,200 | $9,500 | $5,100 | $11,700 | ||||
4 | 7200 | 0 | 0 | 0 | 7200 | ||||
Balance | $13,300 | $1,200 | $9,500 | $5,100 | $18,900 | ||||
5 | -280 | 0 | 0 | 0 | -280 | ||||
Balance | $13,020 | $1,200 | $9,500 | $5,100 | $18,620 | ||||
6 | -850 | 0 | 0 | 0 | -850 | ||||
Balance | $12,170 | $1,200 | $9,500 | $5,100 | $17,770 | ||||
7 | -500 | 0 | 0 | 0 | -500 | ||||
Balance | $11,670 | $1,200 | $9,500 | $5,100 | $17,270 | ||||
8 | -1200 | 0 | 0 | -1200 | 0 | ||||
Balance | $10,470 | $1,200 | $9,500 | $3,900 | $17,270 | ||||
9 | 0 | -650 | 0 | 0 | -650 | ||||
Balance | $10,470 | $550 | $9,500 | $3,900 | $16,620 | ||||
10 | 3500 | 0 | 0 | 0 | 3500 | ||||
Balance, April 30 | $13,970 | $550 | $9,500 | $3,900 | $20,120 | ||||
Short Questions
Balance | Cash | Supplies | Equipment | Accounts Payable | Kevin Foster, Capital | |
Balance | $20,000 | $5,000 | $60,000 | $0 | $85,000 |
Balance | Cash | Supplies | Equipment | Notes Payable | Kevin Foster, Capital | |
Balance | $20,000 | $5,000 | $60,000 | $30,000 | $55,000 |
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