Learning Objective 4 > Problems Pl-47B Using the accounting equation Cash $8,150 EQUITY Advertising Expense Rent - + Service ASSETS Cash + Accounts + Clifford, Withdrawals Revenue Expense LIABILITIES + Office + Supplies Clifford, - Capital Land Accounts + $2,500 Receivable Fal. $2,100 + $2,500 Payable $7,100 $0 +$11,000 $6,000 During September 2016, the business completed the following transactions: a. Meg Clifford contributed $13,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,000. g bloz e. Collected cash from a customer on account, $1,500. f. Meg withdrew $1,900. g. Consulted for a new band and billed the client for services rendered, $6,000. h. Recorded the following business expenses for the month: Paid office rent: $1,400. bist Paid advertising: $350. Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above.
Learning Objective 4 > Problems Pl-47B Using the accounting equation Cash $8,150 EQUITY Advertising Expense Rent - + Service ASSETS Cash + Accounts + Clifford, Withdrawals Revenue Expense LIABILITIES + Office + Supplies Clifford, - Capital Land Accounts + $2,500 Receivable Fal. $2,100 + $2,500 Payable $7,100 $0 +$11,000 $6,000 During September 2016, the business completed the following transactions: a. Meg Clifford contributed $13,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,000. g bloz e. Collected cash from a customer on account, $1,500. f. Meg withdrew $1,900. g. Consulted for a new band and billed the client for services rendered, $6,000. h. Recorded the following business expenses for the month: Paid office rent: $1,400. bist Paid advertising: $350. Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above.
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.6BPR
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