Ex. 259 An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below. Assets = Liab. + Equity Retained Earnings Accounts Accounts Share Cash...

Ex. 259

An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below.

Assets = Liab. + Equity

Retained Earnings

Accounts Accounts Share

Cash +Receivable + Supplies +Equipment = Payable +Cap. + Rev. - Exp. - Div.

1. +€15,000+€15,000

2. - 2,000+€5,000 +€3,000

3. - 750 +€750

4. + 2,500+€6,600 + €9,100

5. - 1,500- 1,500

6. - 2,500 - €2,500

7. - 650 - € 650

8. + 550 - 550

9. - 3,500 - 3,500

10. + 500 - 500

Instructions

Prepare a statement of financial position at July 31, 2014.