M. Gonzales has the following transactions during August. Indicate (a) the effect on the accounting equation and
Question:
M. Gonzales has the following transactions during August. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis as shown in the chapter.
Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.
2 Purchases a one-year insurance policy for $2,000.
4 Pays for rent, $1,800 cash.
16 Receives $3,600 from clients for services performed.
27 Pays administrative assistant $1,000 salary.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
a Effect on Accounting Equation b DebitCredit Analysis Aug 1 The asset Cash is increased the ...View the full answer
Answered By
Felix Mucee
I am a detailed and thorough professional writer with 5 years of administrative experience- the last 2 years in academic writing and virtual office environment. I specialize in delivering quality services with respect to strict deadlines and high expectations. I am equipped with a dedicated home office complete with a computer, copier/scanner/fax and color printer.
I provide creative and detailed administrative, web search, academic writing, data entry, Personal assistant, Content writing, Translation, Academic writing, editing and proofreading services. I excel at working under tight deadlines with strict expectations. I possess the self-discipline and time management skills necessary to have served as an academic writer for the past five years. I can bring value to your business and help solve your administrative assistant issues.
4.70+
13+ Reviews
33+ Question Solved
Related Book For
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
Question Posted:
Students also viewed these Business questions
-
M. Gonzales has the following transactions during August of the current year. Indicate (a) The effect on the accounting equation (b) The debit-credit analysis illustrated on pages 6165 of the...
-
M. Gonzales has the following transactions during August of the current year. Indicate (a) The effect on the accounting equation (b) The debit-credit analysis illustrated in the textbook. Aug. 1...
-
Acker Corporation has the following transactions during August of the current year. Indicate (a) The basic analysis and (b) The debitcredit analysis illustrated on pages 121126. Aug. 1 Issues shares...
-
Write a method \(\max ()\) that takes the first Node in a linked list as its argument and returns the value of the maximum item in the list. Assume that all items are positive integers, and return 0...
-
How many multiplications of entries are used by the algorithm found in Exercise 41 for multiplying two n n upper triangular matrices?
-
On 1 June \(19 \mathrm{X} 2\), X purchased goods from \(\mathrm{Y}\) for \( 860\) and sold goods to \(\mathrm{Z}\) for \( 570\). On the same date, \(\mathrm{X}\) drew a bill (No. 1) at three months...
-
Professional and Ethical Behaviour} You have recently been hired to work for a large scaffolding company called PR Scaffolding (PR), which is located in Ontario. The primary customers for PR are...
-
Bob Royce incorporated Royce Consulting, an accounting practice, on May 1, 2014. During the first month of operations, these events and transactions occurred. May 1 Stockholders invested $100,000...
-
6 8 . On January 3 1 , 2 0 1 7 , Bill's Fruit Distributors, Inc. paid a cash dividend that had been declared on December 1 , 2 0 1 6 , to stockholders of record on January 1 , 2 0 1 7 . The journal...
-
Ann Tremel has prepared the following list of statements about depreciation. 1. Depreciation is a process of asset valuation, not cost allocation. 2. Depreciation provides for the proper matching of...
-
Tom Rasta engaged in the following activities in establishing his photography studio, Picture This! Indicate the accounts to be debited and credited for each transaction. 1. Opened a bank account in...
-
M. Williams has the following transactions during February of the current year. Journalize the transactions. (You may omit explanations.) Feb. 2 Begins a business as a tennis coach with a cash...
-
Refer to Exercise 5.54. In exercise a. Is there sufficient evidence that the median annual rate of return for the two mutual funds is greater than 10%? b. Is there sufficient evidence that the mean...
-
This week you learned how important it is to develop your branding and differentiate your product. As you do this you want to remember to look at this from your customer\'s point of view. For this...
-
As we near the end of this course, it is time to begin thinking about what comes next. Please reflect upon and answer the following questions: What do you hope to do with your degree? Which course...
-
JSOM Company makes custom furniture and uses a joborder-cost system.The company always writes off under/over applied overhead to cost of goods sold.The following data pertains to the first quarter of...
-
The JEM Company has been in operation for over 40 years and has 20,000 shares of $100 par-value common stock authorized, of which 12,000 shares have been issued. THe market value of the stock...
-
A restaurant's breakeven point is achieved with sales of $1,250,000. If its average check is $40, and the average variable cost per menu item sold is $15, what is its total monthly fixed costs?
-
A law firm has six departments and you are asked to prepare a layout for this law firm office. The distance between adjacent departments is 30 feet, and the number of trips between the departments is...
-
B.) What is the approximate concentration of free Zn 2+ ion at equilibrium when 1.0010 -2 mol zinc nitrate is added to 1.00 L of a solution that is 1.080 M in OH - . For [Zn(OH) 4 ] 2- , K f = 4.610...
-
FINANCIAL STATEMENTS Page 203 shows a work sheet for Monte's Repairs. No additional investments were made by the owner during the month. REQUIRED 1. Prepare an income statement. 2. Prepare a...
-
The capital account for Autumn Chou, including an additional investment, and a partial work sheet are shown below. REQUIRED Prepare a statement of owner'sequity. GENERAL LEDGER ACCOUNT: Autumn Chou,...
-
Refer to the work sheet in Problem 6-7A for Monte's Repairs. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not...
-
\ table [ [ , Present Value of an Annuity of 1 , ] , [ Periods , 8 % ? ? , 9 % ? ? , 1 0 % ? ? , ] , [ 1 , 0 . 9 2 6 , 0 . 9 1 7 , 0 . 9 0 9 , ] , [ 2 , , 1 . 7 8 3 , 1 . 7 5 9 , 1 . 7 3 6 ] , [ 3 ,...
-
For the holidays, Michalis gave a watch worth $ 2 5 , 0 0 0 to Sobia and jewelry worth $ 4 0 , 0 0 0 to Natalie. a . Has Michalis made any taxable gifts this year and, if so , in what amounts? b ....
-
Transactions for Buyer and Seller Grayson Co . sold merchandise to Vargas Co . on account, $ 1 5 6 , 8 0 0 , terms FOB shipping point, 2 / 1 0 , n / 3 0 . The cost of the merchandise sold is $ 9 4 ,...
Study smarter with the SolutionInn App