
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Using the
The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction.

Transcribed Image Text:LIABILITIES +
ASSETS
EQUITY
Contributed
Retained Earnings
Capital +
+ Accounts + Equipment
Cash
Accounts + Common - Dividends + Service - Salaries
Receivable
Payable
Stock
Revenue
Expense
+31,000
+31,000
2
+3,800
+3,800
$31,000
Bal. $31,000 + $3,800
$3,800
+13,400
+13,400
+ $13,400
+ $31,000
Bal. $31,000 +
$3,800
$13,400
$3,800
-190
+190
Bal. $31,190 + $3,610
+ $13,400
$13,400
$31,000
$3,800
-410
+410
5
+ $13,810
$13,400
+ $31,000
+ $3,800
Bal. $30,780 + $3,610
-8,000
-8,000
+ $31,000
Bal. $22,780 + $3,610
+ $13,810
+ $3,800
$5,400
+790
+790
+ $13,810
Bal. $23,570 + $3,610
$5,400
$31,000
$4,590
-1,500
-1,500
+ $13,810
Bal. $22,070 + $3,610
$5,400
$31,000
$4,590
$1,500
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