Elena Bellisario began a new consulting firm on January 3. The accounting equation showed the follow- ing
Question:
Description of transaction (a):
a. The owner invested $15,000 cash into the business.
Transcribed Image Text:
Equity Elena Bellisario, Capital Assets Liabilities Office Office Fur- niture Accounts Accounts + Receivable + Supplies + Payable Transaction Cash %3D Beginning Balances -0- -0- -0- -0- -0- -0- a. +15,000 +15,000 b. 500 +500 c. 8,000 +8,000 d. +1,000 + 1,000 e. +400 +400 f. -250 250 g. 750 750 Totals 7,000 8,000 16,000 250 900 150
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
b Office Supplies were purchased paying cash of 500 c O...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Related Video
The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
Students also viewed these Business questions
-
Paula Caine began a new consulting firm on January 3. The accounting equation showed the following transactions. Analyze the equation and describe each of the transactions with their amounts....
-
Zen began a new consulting firm on January 5. Following is a financial summary, including balances, for each of the company's first five transactions (using the accounting equation form). Identify...
-
Zelda began a new consulting firm on January 5. The accounting equation showed the following balances after each of the companys first five transactions. Analyze the accounting equation for each...
-
Consider the examples of groupthink explained in this chapter and discuss how they can relate to situations you have experienced on your projects.
-
Describe the perpetual and the periodic inventory systems. How are they different? Are there circumstances in which one system is better than the other? Include real-life examples.
-
A thrust shaft of a ship has six collars of \(600 \mathrm{~mm}\) outer diameter and \(300 \mathrm{~mm}\) inner diameter. The total thrust from the propeller is \(120 \mathrm{kN}\). If the coefficient...
-
Mortgage interest rates. The level at which commercial lending institutions set mortgage interest rates has a significant effect on the volume of buying, selling, and construction of residential and...
-
(a) Using the Consolidated Balance Sheets for Walgreen Co. for August 31, 2013 and 2012, prepare a common-size balance sheet. (b) Which current asset is the most significant? Which noncurrent asset...
-
Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts payable $225,000 25,000 20,500 14,000 3,600 Prepare the Cash flows from operating...
-
A steel block with a density of 7800 kg/m 3 is suspended from a string in a beaker of water so that the block is completely submerged but not resting on the bottom. The block is a cube with sides of...
-
On July 1, 2017, Windsor Learning Services entered its second month of operations. On July 31, 2017, Milton Windsor, the owner, finalized the companys records that showed the following items. Use...
-
a. Ali invested $4,300 cash and $15,000 of equipment into his business. b. Purchased various supplies on account; $1,600. c. Bought supplies on credit; $950. d. Ali signed a $4,000 contract to do...
-
Compute the range. Employees at a college help desk track the number of people who request assistance each week, as listed below: 142 153 158 156 141 143 139 158 156 146 137 153 136 127 157 148 132...
-
Obtain the phase trajectories for a system governed by the equation \[\ddot{x}+0.4 \dot{x}+0.8 x=0\] with the initial conditions \(x(0)=2\) and \(\dot{x}(0)=1\) using the method of isoclines.
-
Indicate whether each of the following accounts normally has a debit balance or a credit balance. a. Land b. Dividends c. Accounts Payable d. Unearned Revenue e. Consulting Revenue f. Salaries...
-
Indicate whether each of the following accounts normally has a debit or credit balance. a. Common Stock b. Retained Earnings c. Land d. Accounts Receivable e. Insurance Expense f. Cash g. Dividends...
-
Match each of the items in the left column with the LO5, 6 appropriate annual report component from the right column: 1. The company's total liabilities 2. The sources of cash during the period 3. An...
-
Allegra Company has sales of \($167,000\) and a bicak-even sales point of \($123,000\). Compute Allegra s margin of safety and its margin of safety ratio.
-
Find the angles between the vectors to the nearest hundredth of a radian. u = i + 2j - 2k, v = i + j + k
-
According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail...
-
The term debit means: a. Increase b. An entry that increases asset, expense, and owners equity accounts c. A transaction that is recorded in a journal d. An entry to transfer a journal entry to...
-
Using the trial balance prepared for HR Solutions in Part 4 of Problem 2-7A, prepare an income statement and statement of changes in equity for the month ended May 31, 2020, and a balance sheet at...
-
WiCom Servicing completed these transactions during November 2020, its first month of operations: Required 1. Prepare journal entries to record the transactions. Use general journal page 1. 2. Set up...
-
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
-
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
-
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...
Study smarter with the SolutionInn App