ACC310 INDIVIDUAL PROJECT 1-2 Accounting for Non-Accounting Major

Question Description

INDIVIDUAL PROJECT 1

Assuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. You show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation.

Please record the following transactions using transaction analysis. Please use this template to complete this assignment.

1-May	Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting.
2-May	Company paid monthly rent, $900.
3-May	Company bought supplies on account, $600.
5-May	Company paid monthly advertising, $125.
9-May	Company performed services, $4,000.
12-May	Owner, Suzie Maye, withdrew $1,000 for personal use.
15-May	Company performed services on account for $5,400.
17-May	Company paid monthly salaries, $2,500.
20-May	Company made a payment on account, $600.
23-May	Company received $4,000 from a customer on account.
26-May	Company borrowed $5,000 from local bank.
29-May	Company bought equipment on account for $4,200.
30-May	Company paid monthly utilities, $275.

INDIVIDUAL PROJECT 2

From the following information, please prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the month of May of the current year.

Cash	$12,000
Accounts Receivable	16,000
Supplies	350
Equipment	16,500
Notes Payable		$13,000
Accounts Payable		12,000
S. Jones, Capital		18,000
S. Jones, Drawing	550
Service Revenue		6,000
Telephone Expense	350
Rent Expense	1,100
Advertising Expense	2,150
	$49,000	$49,000

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