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Question

An analysis of the transactions (in Pesos) made by J. L. Kuang and Associates for the month of January 2016 is shown below. Each increase and decrease in owner’s equity is explained.

Required:

Describe each transaction that occurred for the month.

Determine how much owner’s equity increased for the month. Describe the transactions

Calculate the amount of profit for the month

Prepare an income statement and a statement of changes in equity for January and a statement of financial position as of January 2016.

Office Accounts owner's Equity Accounts J.L. Kuang, Cash Receivable Supplies Equipment Payable Capita 30,000 30,000 2 (4,000) 6,000 10,000 3 (1,500) 1,500 12,600 5,200 7,400 5 (3,000) (3,000) 6 (4,000) (4,000) (1,300) (1,300) 900 (900) 9 17,800) (7,800) (1.000) 1,000 10 28,500 6,500 10,000 4,000 14,500 1,500 Investmen Service Revenue Drawings Rent Expense Salaries expense Utilities expense

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