Answered: Record the following transactions in…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 43E: Exercise 2-43 Transaction Analysis Goal Systems, a business consulting firm, engaged in the...

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PQ 2.7
Record the following transactions in the expanded accounting equation.
Assets = Liabilities + Owner’s Equity
a. Baker invested $90,000 in a computer company.
b. Bought computer equipment on account, $10,200.
c. Baker paid personal telephone bill from company checkbook, $50. d. Received cash for services rendered, $13,700.
e. Billed customers for services rendered for month, $29,000.
f. Paid current rent expense, $4,200.
g. Paid supplies expense, $1,510.

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