Name : Duowg Minh Hoàng

MSV : 11192063
Class : E-BDB

E1-7:
1. An increase in assets and an increase in liabilities
2. A decrease in assets and a decrease in liabilities
3. An increase in assets and a decrease in assets
4. A decrease in assets and an increase in assets
5. A decrease in assets and a decrease in liabilities
6. An increase in assets and an increase in owner’s equity
7. A decrease in assets and a decrease in owner’s equity
8. A decrease in liabilities and a decrease in owner’s equity

E1-8:
a)
Initial investment of $ 15,000
Purchased Equipment worth: $5,000, paid: $3,000 on credit.
Purchased supplies: $750.
Provided services of $8,500, received $4,600 and balance recorded as
receivables.
Paid $1,500 for transaction 2.
Withdrew cash for personal use $2,000, $650 for rent
Received $450 for services performed in transaction 4.
Salaries and wages: $4,800.
Utilities: $500
b)
Owner’s equity increased = 15000 – 2000 + 8500 – 650 – 4800 – 500
= 15550
c)
Net income = 8500 – 650 – 4800 – 500
= 2550

E1-9:

INCOME STATEMENT

Revenue
Services revenue $8500
Expenses
Rent $650
Salaries and wages $4800
Utilities $500
Total expenses $5950
Net Income $2550

OWNER’S EQUITY STATEMENT

Owner’s capital, August 31,2012 $0

Invesments $15000
Net income $2550 $17550
$17550
Drawings $2000
Owner’s capital $15550