Chapter 1 Handout (1)

School: California Polytechnic State University, Pomona - Course: ACC 3110 - Subject: Accounting

On January 1, 2023 Three Friends a cleaning servises firm by setting up a corporation called Friends Cleaning Service (FCS Corp.)Below are the FCS Corp.'s transaction for Jan Owners invest $100,000 to start the busines. Borrowed $50,000 from a bankby signing a note Purchased equipment by paying $10,000 cash Received $25,000 cash for services performed Paid $15,000 rent on the office building Purchased supplies on account $2,500 Provided services for a customers on account for $7,500 Made apartial payment of$2,000 on accounts payable Receied cash of $6,000for services perfored on account Paid a $500 cash dividend paid employee salaries of $,4000 ACCOUNTING EQUATION ASSETS= LIABILITIES+ CashEquipmentSuppliesAcc Rec Notes payableAcc payable $0$0$0$0$0$0$0$0$0 $0 Income Statement RevenuesIn Less ExpensesFor the Mo Net IncomeRevenues Less Expeneses: Statement of Retained EaringsRent Expense Beg. R/ESalaries Expense Plus IncomeTotal Exp

Less DividendNet Income Ending Retained Earning Balance SheetStatem Asset + Liabilties + Stockholders EquityFor the Mo Beg. R/E Plus net income Less Dividend Ending R/R Assets Cash Acc Rec Supplies Equipment Total Asstes