On June 1, 20X1, Global Services, Inc Prepare a Statement of Changes in Equity for June, the $50,000

question 113

Essay

On June 1, 20X1, Global Services, Inc., was started with $50,000 invested by the owners as share capital. On June 30, the accounting records contained the following amounts: $\begin{array}{|l|r|r|r|}\hline \text { Trade Payables } & \$ 100 & \text { Office Supplies } & \$ 500 \\\hline \text { Trade Receivables } & 3,900 & \text { Rent Expense } & 1,300 \\\hline \text { Cash } & 25,100 & \text { Salary Expense } & 1,000 \\\hline \text { Share Capital } & 50,000 & \text { Supplies Expense } & 100 \\\hline \text { Consulting Fees Earned } & 8,400 & \text { Telephone Expense } & 500 \\\hline \text { Dividends Declared } & 2,100 & \text { Office Equipment } & 24,000\\\hline \end{array}$
Prepare a statement of changes in equity for June, the first month of operation. Ignore income taxes.

Analyze financial data to determine financial health and uncover discrepancies.

Apply principles of bank reconciliation to adjust company and bank records accurately.

Utilize internal controls for cash handling and understand their impact on financial reporting.

Understand regulatory compliance and the importance of internal controls in adhering to these regulations.

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Definitions:

Deviant

Behavior or actions that deviate from the accepted norms of society.

Conventional

Describes something that is based on or in accordance with what is generally done or believed, typical or traditional.

Sexual Orientation

An enduring pattern of emotional, romantic, or sexual attractions to men, women, both sexes, neither sex, or another sex.

Homosexuality

A sexual orientation characterized by attraction, either romantically or sexually, to individuals of the same gender.