Using the Following Accounting Equation Elements and Their Balances, Prepare

question 160

Essay

Using the following accounting equation elements and their balances, prepare, in good format a balance sheet in report form for Bright Futures Company for the month ended August 31. $$\begin{array} { l r } \text { Telephone expense } & \$ 1,150 \\\text { Cash } & 3,000 \\\text { Accounts payable } & 1,540 \\\text { Jason Bright, drawing } & 800 \\\text { Fees earned } & 15,700 \\\text { Rent expense } & 1,400 \\\text { Supplies } & 140 \\\text { Accounts receivable } & 1,500 \\\text { Computer equipment } & 20,000 \\\text { Jason Bright, capital (August 1) } & 14,320 \\\text { Wages expense } & 4,800 \\\text { Utilities expense } & 750 \\\text { Notes payable } & 2,400 \\\text { Office expense } & 420\end{array}$$

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Definitions:

Unbiased Development

The equitable and impartial progress in economic, social, and environmental aspects without favoritism.

Theories

Systematically organized knowledge applicable in a relatively wide variety of circumstances, especially a system of assumptions, accepted principles, and rules of procedure devised to analyze, predict, or otherwise explain the nature or behavior of a specific set of phenomena.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to use resources in one way rather than another.

Sacrificed Action

An act of giving up something valued for the sake of something else regarded as more important or worthy.