An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for
Question:
An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and wages, and $500 for utilities
Instructions(a) Describe each transaction that occurred for the month.
(b) Determine how much owner?s equity increased for the month.
(c) Compute the amount of net income for themonth.
Transcribed Image Text:
Accounts + Receivable + Supplies + Equipment = Payable + Capital Drawings + Revenues Owner's Owner's Accounts Cash Expenses 1.+$15,000 +$15,000 +$5,000 2. -2,000 3. +$3,000 +$750 - 750 4. +4,600 5. -1.500 +$3,900 +$8,500 -1,500 - $2,000 6. -2.000 7. -$650 -650 -450 8. 9. +450 -4,800 10. -4,800 -500 +500
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a 1 Owner invested 15000 cash in the business 2 Purchased equipment for 5000 ...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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