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:

Committee of Correspondence

Groups formed in the American colonies to maintain communication lines and coordinate actions against British policies before the American Revolution.

Colonists' Rights

The rights claimed by the inhabitants of colonies, especially concerning self-governance, freedom from external interference, and legal equality.

Resistance Movement

A group or collection of individuals who actively oppose an occupying force or the policies of an existing government, typically through various forms of noncompliance and sabotage.

Coercive Acts

Legislation passed by the British parliament intended to reassert control over the American colonies by closing the Boston Harbor and removing Massachusetts' governmental autonomy.