The Figure Below Shows the Transactions for Sawyer Architecture Services

question 87

Essay

The figure below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1). $\begin{array}{|c|c|c|c|c|c|c|c|c|c|}\hline \text { Trans } & & \text { Assets } & & = & \text { Liab. } & &&{\text { Owner's Equity }} \\\hline & \text { Cash } & \text { Accts } & \text { Supp } & \text { Equip } & \text { Accts } & & \text { G. Sawyer, } & \text { Rev. } & \text { Expense } \\\hline & & \text { Rec } & & & \text { Pay } & & \text { Capital } & & \\\hline\\\hline 1 & +72,000 & & &&&&+72,000 \\\hline 2 & -8,200 & & & +8,200 \\\hline 3 & & 5,200 & & &&&&+5,200 \\\hline 4 & & & & +3,680 & +3,680 \\\hline 5 & -3,500 & &&&&& & &-3,500 \\\hline 6 & +670 & -670 & & & \\\hline 7 & -2,400 & & & &&&-,400 \\\hline 8 & -450 & & +450 & & \\\hline \text { Bal } & 58,120+ & 4,530+ & 450+ & 11,880= & 3,680 & + & 69,600+ & 5,200+ & -3,500 \\\hline\end{array}$
-Prepare the balance sheet for Sawyer Architecture Services as of June 30, 2013.

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Definitions:

Policy Cover

The extent of protection provided by an insurance policy against specific risks or occurrences.

Theft

In criminal law, knowingly taking or obtaining control over the property of another without consent, using deceit, threats, or coercion.

Binder

An oral or a written memorandum of an agreement for insurance intended to provide temporary insurance coverage until the policy is formally accepted.

Insurance Coverage

The protection provided by an insurance policy against financial loss or damage, specifying what types of loss are compensated.