Mike Ackerman decided to open Mikes Nail Spa. Mike completed the following transactions: a. Invested $17,000 cash
Question:
Mike Ackerman decided to open Mike’s Nail Spa. Mike completed the following transactions:
a. Invested $17,000 cash from his personal bank account into the business.
b. Bought store equipment for cash, $3,900.
c. Bought additional store equipment on account, $6,100.
d. Paid $700 cash to partially reduce what was owed from transaction C.
Based on this information, record these transactions into the basic accounting equation.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
MIKE S NAIL SPA ASSETS LIABILITIES OWNERS EQUITY TRAN...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
On January 1, 2014, Shannon Company completed the following transactions (assume a 10 percent annual interest rate): a. Bought a delivery truck and agreed to pay $60,000 at the end of three years. b....
-
On January 1, 2009, Plymouth Company completed the following transactions (use a 7 percent annual interest rate for all transactions): a. Borrowed $115,000 for seven years. Will pay $8,050 interest...
-
On January 1, 2014, Boston Company completed the following transactions (use a 7 percent annual interest rate for all transactions): a. Borrowed $115,000 for seven years. Will pay $6,000 interest at...
-
In the United States, the production of ethanol fuel from corn is subsidized. Use bid rent function analysis to suggest what effects this subsidy might be expected to have on land use.
-
Experiment a is repeated 20 times. Write an integral that estimates the probability that there are between 30 and 40 mutants, and shade the corresponding area on a sketch of the approximate normal...
-
Write an SQL statement to display the last name, first name, and email of any owners of cats with the name Teddy. Use a subquery. PET_OWNER ( OwnerID , OwnerLastName, OwnerFirstName, OwnerPhone,...
-
Pillow Company is purchasing an 80% interest in the common stock of Sleep Company. Sleeps balance sheet amounts at book and fair value are as follows: Book Fair Account Value Value Current assets . ....
-
The following trial balance has been extracted from Carol Ltd as at 30 April 2012: Additional information: 1. Stock at 30 April 2012 was valued at 140,000. 2. Depreciation for the year of 28,000 is...
-
Borrow $200,000 with a 30 year fixed mortgage at 5%. Calculate the monthly payment if the loan is Fully Amortizing? (meaning full payment of principal by maturity) 1084.19 1073.69 12884.28 13010.28
-
Jim Wells, vice-president for manufacturing of the Northern Airplane Company, is exasperated. His walk through the companys most important plant this morning has left him in a foul mood. However, he...
-
From the following account balances, prepare in proper form for September (a) An income statement, (b) A statement of owners equity, (c) A balance sheet for FrechetteRealty. Cash Accounts Receivable...
-
Bob Shire is the accountant for Shires Internet Service. From the following information, his task is to construct a balance sheet as of September 30, 201X, in proper form. Could you helphim? Building...
-
How much do parent company culture and strategy influence the practice of HRM in overseas subsidiaries?
-
How do transnational organizations and agreements influence national sovereignty and political autonomy ?
-
How do individuals reconcile the tension between rational deliberation and emotional impulses when making consequential decisions amidst volatile environments, and to what extent does the phenomenon...
-
Watch the video clip below; https://www.youtube.com/watch?v=sE6Ox3ikCMU 1. Do you think that 'Rick and Morty' was a good choice? Justify your answer. 2. Do you think that this campaign will work for...
-
by the hypothesis that we want to do descriptive method, and quantative research in Tim hortons company, the question is A convincing closing statement, including that you'll develop your research...
-
Bottom of Form Why do you think ethics is important in healthcare management? What do you see as the biggest risks and temptations? How is your INTEGRITY a core principle in your professional ethical...
-
Suppose you are evaluating investment EEE, which has the following estimated cash flows: What is EEEs net present value and profitability index if the cost of capital is 8%? What is EEEs internal...
-
Under what conditions is the following SQL statement valid?
-
On 1 April 2018, Kennys Equipment Hire opened for operations. Kenny Kowslowski contributed the capital of the business of $720 000 cash. He has asked you to be record keeper for the business on a...
-
From the completed worksheet in Exercise 4A-4, prepare In Exercise 4A-4 a. An income statement for October. b. A statement of owners equity for October. c. A balance sheet as of October 31,201X. ....
-
Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $700. b. Rent expired, $300.
-
From the following trial balance (Figure) and adjustment data, complete a worksheet for J. Tripp as of October 31, 201X: More Info a. Depreciation expense, equipment, $3. b. Insurance expired, $3. c....
-
Read the following and then answer the questions below:September 12: A Brisbane business offers by letter to sell 500 tyres to a New Zealand company. The Brisbane company does not specify a method of...
-
Fred returns home from work one day to discover his house surrounded by police. His wife is being held hostage and threatened by her captor. Fred pleads with the police to rescue her and offers...
-
Would like you to revisit one of these. Consideration must be clear and measurable.if you can't measure it then how can you show it has / has not been done?How can you sue someone for breach of...
Study smarter with the SolutionInn App