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Analyzing transactions and preparing financial statements LO6, 7, 8 CHECK FIGURES: 2. George Littlechild, Capital, March 31, 2020 = $175,100; 3. Loss = $1,300; Total assets = $743,100 George

Analyzing transactions and preparing financial statements LO6, 7, 8 CHECK FIGURES: 2. George Littlechild, Capital, March 31, 2020 = $175,100; 3. Loss = $1,300; Total assets = $743,100 George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2020: a. Littlechild invested $160,000 cash and office equipment valued at $20,000 in the business. b. Purchased a small building for $600,000 to be used as an office. Paid $100,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,000 of office supplies for cash. d. Purchased $72,000 of office equipment on credit. e. Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2020. He will send a $1,000 deposit on July 1, 2020. f. Completed a project on credit and billed the client $5,200 for the work. g. Paid a local online newspaper $3,500 for an announcement that the office had opened. h. Completed a project for a client and collected $4,000 cash. i. Made a $4,000 payment on the equipment purchased in (d).

Apr 29 2021 View more View Less

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