John Jones started a business, Cats and Dogs Copany, by contributing
$6,000. The cats and dogs company
borrowed $2,000 from the bank on
March 1. The note is a 1 year, 12% note, with both principal and
interest to be repaid on February 28 of next year. The company earned
$900 in revenue. Expenses amounted to $650 and Distribution to owners
amounted to $25.
I need this answer as soon as possible no later than 8/22/05
Show how each affects the accounting equation. Give one additonal
piece of information related to the transactin that could be recorded
in an information system for a purpose other than the financial
statements. Prepare the four basic financial statements for the month
of March.
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