\n Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and handle third-story work. (Lisa is afraid of heights.) The transactions for the month of July are as follows:(a)\u00a0On the first day of the month, Vozniak invested cash by making a deposit in a bank account for the business, $8,000.(b)\u00a0Paid rent for July, $150.(c)\u00a0Purchased a used van for cash, $5,000.(d)\u00a0Purchased tools on account from Clean Tools, $600.(e)\u00a0Purchased cleaning supplies that cost $300. Paid $200 cash and will pay the balance next month, $100.(f)\u00a0Paid part-time assistant (wages) for first half of month, $100.(g)\u00a0Paid for advertising, $75.(h)\u00a0Paid two-year premium for liability insurance on van, $480.(i)\u00a0Received cash from clients for services performed, $800.(j)\u00a0Performed cleaning services for clients on account, $500.(k)\u00a0Paid phone bill, $40.(l)\u00a0Received cash from clients for window cleaning performed on account in transaction (j), $200.(m)\u00a0Paid part-time assistant (wages) for last half of month, $150.(n)\u00a0Made partial payment on tools purchased in transaction (d), $200.(o)\u00a0Earned additional revenues amounting to $800: $600 in cash and $200 on account.(p)\u00a0Vozniak withdrew cash at the end of the month for personal expenses, $100.Required:1.\u00a0Enter the above transactions in an accounting equation similar to the one illustrated below.Assets\u00a0=Liabilities+Owner\u2019s Equity\u00a0(Items Owned)(Amounts Owed)(Owner\u2019s Investment)+(Earnings)Cash\u00a0+Accounts Receivable+Supplies+Prepaid Insurance+Tools+Van=Accounts Payable+Lisa Vozniak, Capital\u00a0–\u00a0Lisa Vozniak, Drawing+Revenues-ExpensesDescription2.After transaction (p), compute the balance of each account.3.Prepare an income statement for We Do Windows for the month of July 20–.4.Prepare a statement of owner\u2019s equity for We Do Windows for the month of July 20–.5.Prepare a balance sheet for We Do Windows as of July 31, 20–.\n <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and handle third-story work. (Lisa is afraid of heights.) The transactions for the month of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_joinchat":[]},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/308421"}],"collection":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/comments?post=308421"}],"version-history":[{"count":0,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/308421\/revisions"}],"wp:attachment":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/media?parent=308421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/categories?post=308421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/tags?post=308421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}