Thursday
November 20, 2014

Homework Help: Basic Accounting

Posted by MaS on Thursday, July 7, 2011 at 8:58pm.

Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Rya’s Planning Services.

Cash… …… ……… … … … ………$21,500
Accounts Receivable………17,500
Office Supplies…… … ………500
Equipment…… …… … …… …15,000
Accounts Payable… …… ……9,750
Rya Page, Capital… …………28,200
Rya Page, Drawing………………5,000
Planning Fees Income………26,250
Office Supplies Expense……200
Rent Expense…… ……… … ………800
Salaries Expense…… … ………3,000
Utilities Expense………… ……700

I don't understand where the Equipment should be..I believe that it goes to the Balance Sheet only as an Asset in this case.Oh,it's so complicated..
Thanks for any help or suggestion!

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