Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns using a plus sign( + ) if the account increases or a minus sign(-) if the account decreases. c. F or transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Ca lculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00$400.00. 2. Owner withdrew equity in the form of cash, $150.00$150.00. 3. Received cash from sales, $900.00$900.00. 4. Paid cash for camera repairs, $100.00$100.00 5. Sold services on account to Eden Wedding Planners, $400.00$400.00. 6. Received cash from sales, $650.00$650.00. 7. Paid cash for charitable contributions, $35.00$35.00. 8. Received cash on account from Eden Wedding Planners, $300.00$300.00. 565462&nbld%32112308&snapshotld%3D2112308&id%3D1009249052&☆ 疊- CENGAGE MINDTAPQ Searchoplication Problem 1-3AccountsTran. No.AccountsReceivable-PrepaidShannonCashSupplies= Payable-Shutter +Eden WeddingInsuranceO'Bryan, CapitalSuppliesPlannersBeg. Bal.7252003002001,025-400-400(expense)New Bal.325200300200625150New Bal.003.New Bal.New Bal.New Bal.New Bal.7.New Bal.DELL ->ng.cengage.com/static/nb/ui/evo/index.html?elSBN=9781337565462&nbld%3D2112308&snapshotld32112308&id3D10092490528CENGAGE MINDTAPoplication Problem 1-3▼ QUESTION ASSETSTransactions1.Paid cash for rent, $400.00.2.Owner withdrew equity in the form of cash, $150.00.3.Received cash from sales, $900.00.4.Paid cash for camera repairs, $100.00.5.Sold services on account to Eden Wedding Planners, $400.00.6.Received cash from sales, $650.00.7.Paid cash for charitable contributions, $35.00.8.Received cash on account from Eden Wedding Planners, $300.00.Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accountingequation. Transaction 1 is given as an example. For each transaction, complete the following: (a) Analyze the transaction to determine which accountsin the accounting equation are affected. (b) In the appropriate columns, enter a plus sign (+) if the account increases or a minus sign (-) if theaccount decreases, and then enter the amount. (c) For transactions that change owner's equity, enter a description (revenue, expense, investment, orwithdrawal) of the transaction to the right of the amount. (d) Calculate and enter a new balance for each account in the accounting equation. (e)Before going on to the next transaction, determine that the accounting equation is still in balance.Liabilities+ Owner's EquityAssets

Accounting equation indicates the basic tool of accounting which is; Assets=Liability+Equity As per…

Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns using a plus sign( + ) if the account increases or a minus sign(-) if the account decreases. c. F or transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Ca lculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00$400.00. 2. Owner withdrew equity in the form of cash, $150.00$150.00. 3. Received cash from sales, $900.00$900.00. 4. Paid cash for camera repairs, $100.00$100.00 5. Sold services on account to Eden Wedding Planners, $400.00$400.00. 6. Received cash from sales, $650.00$650.00. 7. Paid cash for charitable contributions, $35.00$35.00. 8. Received cash on account from Eden Wedding Planners, $300.00$300.00.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem.

For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns using a plus sign( + ) if the account increases or a minus sign(-) if the account decreases. c. F or transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Ca lculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00$400.00. 2. Owner withdrew equity in the form of cash, $150.00$150.00. 3. Received cash from sales, $900.00$900.00. 4. Paid cash for camera repairs, $100.00$100.00 5. Sold services on account to Eden Wedding Planners, $400.00$400.00. 6. Received cash from sales, $650.00$650.00. 7. Paid cash for charitable contributions, $35.00$35.00. 8. Received cash on account from Eden Wedding Planners, $300.00$300.00.

565462&nbld%32112308&snapshotld%3D2112308&id%3D1009249052&
☆ 疊
- CENGAGE MINDTAP
Q Search
oplication Problem 1-3
Accounts
Tran. No.
Accounts
Receivable-
Prepaid
Shannon
Cash
Supplies
= Payable-Shutter +
Eden Wedding
Insurance
O'Bryan, Capital
Supplies
Planners
Beg. Bal.
725
200
300
200
1,025
-400
-400
(expense)
New Bal.
325
200
300
200
625
150
New Bal.
00
3.
New Bal.
New Bal.
New Bal.
New Bal.
7.
New Bal.
DELL

->
ng.cengage.com/static/nb/ui/evo/index.html?elSBN=9781337565462&nbld%3D2112308&snapshotld32112308&id3D10092490528
CENGAGE MINDTAP
oplication Problem 1-3
▼ QUESTION ASSETS
Transactions
1.
Paid cash for rent, $400.00.
2.
Owner withdrew equity in the form of cash, $150.00.
3.
Received cash from sales, $900.00.
4.
Paid cash for camera repairs, $100.00.
5.
Sold services on account to Eden Wedding Planners, $400.00.
6.
Received cash from sales, $650.00.
7.
Paid cash for charitable contributions, $35.00.
8.
Received cash on account from Eden Wedding Planners, $300.00.
Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting
equation. Transaction 1 is given as an example. For each transaction, complete the following: (a) Analyze the transaction to determine which accounts
in the accounting equation are affected. (b) In the appropriate columns, enter a plus sign (+) if the account increases or a minus sign (-) if the
account decreases, and then enter the amount. (c) For transactions that change owner's equity, enter a description (revenue, expense, investment, or
withdrawal) of the transaction to the right of the amount. (d) Calculate and enter a new balance for each account in the accounting equation. (e)
Before going on to the next transaction, determine that the accounting equation is still in balance.
Liabilities
+ Owner's Equity
Assets

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