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Posted: September 10th, 2021
Demonstration Case: Shannon’s Tutoring Corporation Transactions Analysis Worksheet
Demonstration Case: Shannon’s Tutoring Corporation Transactions Analysis Worksheet Template In 2006 – Write a paper; Professional research paper writing service – Best essay writers you joined a group of 20 Richland College graduates to start a company that provides innovative tutoring and educational services You are responsible for all accounting activities. After applying to the Secretary of State in Austin, Shannon’s Tutoring Corporation (STC) received its corporate charter and began business as a Texas Corporation on December 1, 2006 – Write a paper; Professional research paper writing service – Best essay writers. During the first month of business the following Transactions occurred. You must analyze each transaction’s effect on the Accounting Equation and Prepare the Income Statement, Statement of Retained Earnings and the Balance Sheet for the Year ended 12/31/2006 – Write a paper; Professional research paper writing service – Best essay writers. 12/01/06 STC began business by investing $50,000 in exchange for 10,000 shares of Common Stock. 12/1/06 STC Paid $12,000 for 1 year of rent for the 12 month period beginning December 1, 2006 – Write a paper; Professional research paper writing service – Best essay writers through November 30, 2007. (Hint: Prepaying rent in advance creates an Asset called Prepaid Rent ) 12/1/06 STC received $18,000 cash in advance from the Texas School System and signed a contract to provide monthly tutoring services to students from December 2006 – Write a paper; Professional research paper writing service – Best essay writers through May of 2007. 12/02/06 STC purchased a Computer System for $35,000 cash. 12/09/06 STC earned & received $1,000 in cash by providing tutoring services. 12/12/06 STC Billed the RISD $2,500 for tutoring services performed at their school. Payment has not been received. 12/12/06 STC Purchased $500 of Supplies on Account. 12/21/06 STC Paid $400 Wages to employees. 12/23/06 STC Received $1,500 Cash from RISD for services billed on 12/12/06(#6). 12/29/06 STC Paid a $300 Utility Bill. ASSETS = LIABILITIES + STOCKHOLDERS EQUITY Cash A/R Supplies Prepaid Rent Computer System Accounts Payable Unearned Revenue Common Stock Retained Earnings Type of SE Transaction 1 2 3 4 5 6 7 8 9 10 ? TOTAL ASSETS = LIABILITIES + STOCKHOLDER’S EQUITY Shannon Tutoring, Inc. Income Statement For the Month Ending 12/31/06 STATEMENT OF RETAINED EARNINGS: STEP 2 Shannon Tutoring, Inc. Statement of Retained Earnings For the Month Ending 12/31/06 BALANCE SHEET: STEP 3 ACTUALLY THE ACCOUNTING EQUATION Shannon Tutoring, Inc. Balance Sheet As of 12/31/06 Assets Liabilities Stockholders’ Equity
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