An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for
Question:
An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries, 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:
S. Moses, S. Moses, Accounts Payable + Capital +$15,000 Accounts Office + Receivable + Supplies +Equipment Drawings + Revenues - Expenses Cash 1.+$15,000 +$3.000 +$5,000 3. -750 +$750 +$3,700 4. +4,600 +$8,300 -1.500 6. -2,000 -$2,000 7. -$650 -650 8. -450 +450 9. -4,900 -4,900 -500 10. +500
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a 1 Owner invested 15000 cash in the business 2 Purchased office equipmen...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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