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Curtis Hamilton started a new business and completed these transactions during December.

Dec. 1Curtis Hamilton transferred $56,000 cash from a personal savings account to a checking account in thename of Hamilton Electric.

2The company rented office space and paid $800 cash for the December rent.3The company purchased $14,000 of electrical equipment by paying $3,200 cash and agreeing to pay the

$10,800 balance in 30 days.5The company purchased office supplies by paying $900 cash.6The company completed electrical work and immediately collected $1,000 cash for these services.8The company purchased $3,800 of office equipment on credit.

15The company completed electrical work on credit in the amount of $4,000.18The company purchased $500 of office supplies on credit.20The company paid $3,800 cash for the office equipment purchased on December 8.24The company billed a client $600 for electrical work completed; the balance is due in 30 days.28The company received $4,000 cash for the work completed on December 15.29The company paid the assistants salary of $1,200 cash for this month.30The company paid $440 cash for this months utility bill.31C. Hamilton withdrew $700 cash from the company for personal use.

0

3.value:

7 points

-2-2 http://ezto.mhhm.

Required:2.Enter the amount of each transaction on individual items of the accounting equation. Show new balances after

each transaction. (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be

deducted, withdrawals and expenses should be indicated with a minus sign. Omit the "$" sign in your

response.)

Assets

Date Cash+

AccountsReceivable

+Office

Supplies+

OfficeEquipment

+Electrica

Equipmen

Oct. 1 $ $ $ $ $

2

Bal.

3

Bal.

5

Bal.

6

Bal.

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8

Bal.

15

Bal.

18

Bal.

20

Bal.

24

Bal.

28

Bal.

29

Bal.

30

Bal.

31

Bal. $ $ $ $ $

check my workeBook Links (3)references

Worksheet

Learning Objective: 01-C4 Explaingenerally accepted accountingprinciples and define and applyseveral accounting principles.

Learning Objective: 01-P2 Identifyand prepare basic financialstatements and explain how theyinterrelate.

Difficulty: HardLearning Objective: 01-P1 Analyzebusiness transactions using theaccounting equation.

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4.value:

10 points

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3.1 Prepare an income statement for the current month. (Input all amounts as positive values. Omit the "$" signin your response.)

http://ezto.mhhm.mcgraw-hill.com/http://ezto.mhhm.mcgraw-hill.com/http://ezto.mhhm.mcgraw-hill.com/http://ezto.mhhm.mcgraw-hill.com/

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HAMILTON ELECTRICIncome Statement

For Month Ended December 31Revenues:

(Click to select)

$Expenses:

$

2

2

2

Total expenses

(Click to select) $

3.2 Prepare a statement of owner's equity for the current month. (Input all amounts as positive values. Leave no

cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

HAMILTON ELECTRICStatement of Owner's Equity

For Month Ended December 31

(Click to select)

$

(Click to select)

(Click to select)

(Click to select)

(Click to select)

$

3.3 Prepare a statement of cash flows for the current month. (Leave no cells blank - be certain to enter "0"wherever required. Negative amounts should be indicated by a minus sign. Omit the "$" sign in your

response.)

HAMILTON ELECTRICStatement of Cash Flows

For Month Ended December 31Cash flows from operating activities:

(Click to select)

$

(Click to select)

(Click to select)

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Total Liabilities & Equity $

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