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D
D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000.
The Cats and Dogs Company borrowed $2,000 from the bank on March 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on February 28 of next year.
The company earned $900 in revenue.
Expenses amounted to $650.
Distributions to owners amounted to $25.
You are to complete the following tasks:
Show how each affects the accounting equation.
Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.
Prepare the four basic financial statements for the month of March.
Expert Solution
Please see the attached file.
1 Sheet 1-Analysis: It covers complete analysis of transaction in a work spreadsheet form showing how each transaction has affected the accounting equation. A PowerPoint slide containing the rules of debit and credit for normal balance of each account is pasted to the sheet for your knowledge.
2 Statements: The following four statements are prepared in this sheet with additional information at the foot of the statement.
i) Income statement
ii) Statement of Retained Earnings
iii) Balance sheet
VI) Cash flow statement (Direct method)
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