P1-24A Daniel Laird owns and operates an architectural firm called Laird Design. The following

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.