I need to know what Account the following transactions go on and if they are DR or CR. Please write Debit or Credit next to amount under proper account. Thank you!1) Shareholders invested $5000 to begin business2) Copymaster bought a copying machine for $1,500 cash3) Copymaster sold copies to customers for $500 cash4) Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the mont (HOW DOES PAYING AT END OF MONTH AFFECT RECORDING OF TRANSACTION IF AT ALL?)5) Copymaster paid employees $6006) Copymaster bought supplies for $3007) Copymaster paid rent $7008) Copymaster paid utilites $2009) Copymaster bought office furniture for $50010) Copymaster had an upaid phone bill at month-end for $10011) Calculate the total assets, liabilites and equity12) Calculate the net income

Question
Asked Jan 25, 2019
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I need to know what Account the following transactions go on and if they are DR or CR. Please write Debit or Credit next to amount under proper account. Thank you!

1) Shareholders invested $5000 to begin business
2) Copymaster bought a copying machine for $1,500 cash
3) Copymaster sold copies to customers for $500 cash
4) Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the mont (HOW DOES PAYING AT END OF MONTH AFFECT RECORDING OF TRANSACTION IF AT ALL?)
5) Copymaster paid employees $600
6) Copymaster bought supplies for $300
7) Copymaster paid rent $700
8) Copymaster paid utilites $200
9) Copymaster bought office furniture for $500
10) Copymaster had an upaid phone bill at month-end for $100
11) Calculate the total assets, liabilites and equity
12) Calculate the net income

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Expert Answer

Step 1

The Transaction effects has already been discussed earlier.

Therefore, the net effects has been shown as above.

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Step 2

The Total assets, Total liabilities and Equity has been computed as above.

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Step 3

The Net Income has been c...

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