Daniel Laird owns and operates an architectural firm called Laird Design. The following amounts summarize the financial position of his business an April 30 2009: As of April 30th, Laird had Cash of 1,720. He has 3,240 in accounts receivable, $24,000 in land. $5,400 in accounts payable, and Daniels capital is $23,660 Considering this info log below:
During May 2009, the following events occurred:
A- Laird received $12,000 as a gift and deposited the cash in the business bank account.
B- Paid off the beginning balance of Accounts Payable.
C- Performed services for a client and received cash of $1,100.
D- Collected cash from a customer on account, $750.00
E- Purchased supplies on account, $720.00
F- Consulted on the interior design of a major office building and billed the client for services performed, $5,000.
G- Invested personal cash of $1,700 in the business.
H- Paid Offices rent, $1,860
I- Sold supplies at cost to another interior designed for $80 cash
J- Withdrew cash of $4,000 for personal use.
Requirements: Analysis of transactions, balance sheet, income statement, and statement of owners equity completed.