MBA/502 – Concordia University Homework Assignment

After running a ski repair shop in his garage for the past few years, David has decided that he has enough clients and time
and money to open up his own storefront shop. David quit his full-time job on May 1, rented a store front and opened
up his business. Listed below are the transactions David entered into during his first month of business.
Prepare a tabular analysis of the transactions, utilizing the Excel spreadsheet provided. After recording the transactions,
prepare an income statement, statement of owner’s equity and balance sheet for David’s first month of business.
1.
2.
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9.
10.
11. Invested $10,000 of his personal money into the business – David’s Repair Shop.
Paid $400 cash as rent for the month of May.
Purchased $5,000 of equipment.
Paid $500 cash for supplies.
Incurred $250 of advertising expense on account from placing an opening announcement in the local newspaper.
Received $6,100 in cash from customers for repair services performed.
Withdrew $1,000 from the business for personal use.
Paid part-time employee salary of $2,000.
Paid utility bills of $170.
Performed repair service of $750 for customer on account.
Collected cash of $120 for services performed in transaction (10).