On Jan1,2012,William Kelly Started Kelly's Computer Service by Investing $10,000

question 109

Essay

On Jan.1,2012,William Kelly started Kelly's Computer Service by investing $10,000.On Jan.3,the business borrowed $10,000 from a creditor and executed a Note payable with the principal and interest to be due in one year.On Jan.5,the business purchased $12,000 of equipment for cash.On Jan.8,Kelly's rendered service to his first corporate client and earned $2,500 in cash.On Jan.12,Kelly's incurred repair expense of $1,200 and promised to pay the repair contractor the following month.On Jan.18,Kelly's rendered service to a new client in the amount of $6,000 "on account," (the client promised to pay the following month).At the end of January,Kelly took a withdrawal of $1,000.Please prepare an income statement for the month of January,a statement of owner's equity for the month of January,and a balance sheet at Jan.31,2012.

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Definitions:

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