Yerr

P1.7 (a)

  | Assets | = | Liabilites | + | Owner's Equity |

Date | Cash | Account receivable | Office Furniture & Equipment | = | Accounts Payable | + | R.Touche, Capital |

01/03/10 | $ 50,000.00 |   |   |   |   |   | $ 50,000.00 |

03/03/10 |   |   | $ 28,000.00 |   | $ 28,000.00 |   |   |

05/03/10 | -$ 10,000.00 |   | $ 10,000.00 |   |   |   |   |

05/03/10 | -$ 1,000.00 |   |   |   |   |   | -$ 1,000.00 |

08/03/10 | $ 500.00 |   |   |   |   |   | $ 500.00 |

12/03/10 | -$ 28,000.00 |   |   |   | -$ 28,000.00 |   |   |

14/03/10 | -$ 400.00 |   |   |   |   |   | -$ 400.00 |

21/03/10 | -$ 400.00 |   |   |   |   |   | -$ 400.00 |

25/03/10 |   | $ 2,425.00 |   |   |   |   | $ 2,425.00 |

28/03/10 | -$ 400.00 |   |   |   |   |   | -$ 400.00 |

30/03/10 | -$ 300.00 |   |   |   |   |   | -$ 300.00 |

31/03/10 | -$ 1,200.00 |   |   |   |   |   | -$ 1,200.00 |

  | $ 8,800.00 | $ 2,425.00 | $ 38,000.00 | | $ - |   | $ 49,225.00 |

  |   | $ 49,225.00 |   |   |   |   | $ 49,225.00 |

(b)

  | Ross Touche |   |

  | Income Statement |   |

  | for the month ended 31 March 2010 |   |

  | | | |   |

Income | | | |   |

Service Revenue | | | $ 2,925.00 |

Expenses | | | |   |

Rent Expense | | $ 1,000.00 |   |

Wages Expense | | $ 1,200.00 |   |

Utilities Expense | | $ 300.00 |   |

  | Total Expenses | | | $ 2,500.00 |

Profit | | | | $ 425.00 |

  |   |   |   |   |

  | Ross Touche |   |

  | Statement of Changes in Equity |   |

  | for the month ended 31 March 2010 |   |

  | | | |   |

R. Touche, Capital, 1 March | | | $ - |

Add: | Investments | | $ 50,000.00 |   |

  | Profit...