Principles of Accounting Essay

1.Analyze the effects of Draper Consulting transactions on the accounting equation. Use the format of Exhibit 1-6, and include these headings hard currency Accounts receivable Supplies Equipment Furniture Accounts payable and Draper, capital.2.Prepare the income statement of Draper Consulting forthe month ended celestial latitude 31, 2012.3.Prepare the statement of owners equity for the month ended celestial latitude 31, 2012.4.Prepare the balance sheet at December 31, 2012.PANEL A enlarge of Transactions1. Received $18,000 coin and gave capital to Draper.2. paying monthly stake rent, $550.3. give cash for a Dell computer, $1,800. This equipment is expected to remain in proceeds for five years.4. Purchased office furniture on account, $4,200. The furniture should brave for five years.5. Purchased supplies on account, $900.6. Performed consulting service for a client on account, $1,500.7. Paid utility expenses, $250.8. Performed service for a client and received cash of $1,100. 1 Received $42,000 cash and gave capital to Stewart.4 Purchased supplies, $700, and furniture, $1,900, on account. 6 Performed serve for a law firm and received $1,400 cash. 7 Paid $24,000 cash to acquire land for a future office site. 10 Performed service for a hotel and received its promise to pay the $1,000 within one week. 14 Paid for the furniture purchased September 4 on account. 15 Paid secretarys bi-monthly salary, $490.17 Received cash on account, $400.20 Prepared a design for a school on account, $700.28 Received $2,100 cash for consulting with Plummer & Gorden. 30 Paid secretarys bi-monthly salary, $490.30 Paid rent expense, $650.30 Stewart withdrew cash of $3,000.Requirements1.Open the following T-accounts Cash Accounts receivable SuppliesFurniture Land Accounts payable Stewart, capital Stewart, drawing Service revenue Salary expense and Rent expense. 2.Record each transaction in the journal, victimization the account titles given. Key each transaction by date. Explana tions are non required. 3.Post the transactions to the T-accounts, using transaction dates as posting references in the playscript accounts. Label the balance of each account Bal, as shown in the chapter. 4.Prepare the tribulation balance of Doris Stewart, Designer, at September 30, 2012.