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Social ScienceParrish 2-4 Pg. 34Using a Asset, Liability and Stockholders Equity please place the following transactions in the above columns with the amount of the transactions below and in the columns indicate if the transaction would be a Debit or Credit in the appropirate column(s)1)Tracy wrote a check out of her personal account to Tracy's T-Shirts for $3000 to begin the busines2) Tracy's T-Shirts bought a computer. The company paid $400 down and agreed to pay the remaining $1000 balance in 30 days3) Tracy's T-Shirts bought equipment for $2000 cash4) Tracy's T Shirts obtained a bank loan for $5000. The company must repay the loan plus 5% interest for 6 months5) Tracy's T Shirts bought t shs6) Tracey's TShirtsbought supplies for $300 cash7) Tracy Tshirts sold shirts to walk in customers for $5508) Tracy's Tshirts received its first big order. Kwame Jackson ordered $1200 worth of shirts forf his company's emplolyees9) Tracy's Tshirts paid $700 for rent10) Tracys Tshirts paid a ;phone bill of $20011) Tracy's Tshirts paid employees $50012) Tracys Tshirts had an unpaid electric bill at month-end for $10013) Calculate the total for assets,liabilities and equityCalculate Net Income (please show how you arrived at the answer)
Parrish 2-4 Pg. 34
Using a Asset, Liability and Stockholders Equity please place the following transactions in the above columns with the amount of the transactions below and in the columns indicate if the transaction would be a Debit or Credit in the appropirate column(s)
1)Tracy wrote a check out of her personal account to Tracy's T-Shirts for $3000 to begin the busines
2) Tracy's T-Shirts bought a computer. The company paid $400 down and agreed to pay the remaining $1000 balance in 30 days
3) Tracy's T-Shirts bought equipment for $2000 cash
4) Tracy's T Shirts obtained a bank loan for $5000. The company must repay the loan plus 5% interest for 6 months
5) Tracy's T Shirts bought t shs
6) Tracey's TShirtsbought supplies for $300 cash
7) Tracy Tshirts sold shirts to walk in customers for $550
8) Tracy's Tshirts received its first big order. Kwame Jackson ordered $1200 worth of shirts forf his company's emplolyees
9) Tracy's Tshirts paid $700 for rent
10) Tracys Tshirts paid a ;phone bill of $200
11) Tracy's Tshirts paid employees $500
12) Tracys Tshirts had an unpaid electric bill at month-end for $100
13) Calculate the total for assets,liabilities and equity
Calculate Net Income (please show how you arrived at the answer)
Expert Answer
The effect of the given transactions is shown in the accounting equation as below and t...
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Stockholders' equity(S) Liabilities(S) Event Assets(S) no. Cr.3,000 (Capital)| Dr. 3,000 (Cash) Dr.1,400(computer) Cr.400 (Cash) Dr. 2,000 (Equipment) Cr. 2,000 (cash) Dr. 5,000 (cash) Dr. 1,000 (inventory) Dr. 300 (Supplies) Cr. 300 (Cash) Dr. 550 (cash) 1 Cr. 1,000 (Accounts Payable) 2 3 Cr. 5,000 (Bank loan) Cr. 1,000 (Accounts Payable)| 5 Cr. 550 (Revenue) 7 Cr. 1,200 (Revenue) Dr. 1,200 (Accounts Receivable) Cr. 700 (Cash) Cr. 200 (Cash) Cr. 500 (Cash) 8 Dr. 700 (Rent expense) Dr. 200 (Phone expense) Dr. 500 (Salaries expense) Dr. 100 (Utilities expense) 3,250 10 11 Cr.100 (Utilities payable)| Z,100 12 Total 10,350
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