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( 1 ) M . E . Carter started the firm by contributing $ 1 5 , 5 0 0 cash to the business in

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(1) M.E. Carter started the firm by contributing $15,500 cash to the business in exchange for common stock.
(2) The firm purchased $10,400 in office equipment, issuing a long-term note payable for $4,400 with the remainder on account.
(3) Paid $700 cash for this period's office rent (on a short-term lease).
(4) Paid $9,600 cash for subscriptions to online financial databases covering the next three periods.
(5) Billed clients $11,300 for services rendered.
(6) Made $1,000 cash payment on account for the equipment purchased in transaction 2.
(7) Paid $2,800 cash for assistant's salary for this period.
(8) Collected $9,400 cash from clients previously billed in transaction 5.
(9) Received $180 invoice for this period's utilities; it is paid early in the next period.
(10) Paid $1,500 cash for dividends to shareholders.
(11) Paid $225 cash for interest on the note payable for the period.
Analyze and enter each into the financial statement effects template.
Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.
Note: Indicate a decrease in an account category by including a negative sign with the amount.Assume that the following accounts appear in the leoger or
(1) M.E. Carter started the firm by contributing $15,
(3) Paid $700 cash for this period's office rent (on a short-term lease).
(4) Paid $9,600 cash for subscriptions to online financial databases covering the next three periods.
(5) Billed clients $11,300 for services rendered.
(6) Made $1,000 cash payment on account for the equipment purchased in transaction 2.
(7) Paid $2,800 cash for assistant's salary for this period.
(8) Collected $9,400 cash from clients previously billed in transaction 5.
(9) Received $180 invoice for this period's utilities; it is paid early in the next period.
(10) Paid $1,500 cash for dividends to shareholders.
(11) Paid $225 cash for interest on the note payable for the period.
Analyze and enter each into the financial statement effects template.
Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.
Note: Indicate a decrease in an account category by including a negative sign with the amount.
(1) M.E. Carter started the firm by contributing $15,500 cash to the business in exchange for common stock.
(2) The firm purchased $10,400 in office equipment, issuing a long-term note payable for $4,400 with the remainder on account.
(3) Paid $700 cash for this period's office rent (on a short-term lease).
(4) Paid $9,600 cash for subscriptions to online financial databases covering the next three periods.
(5) Billed clients $11,300 for services rendered.
(6) Made $1,000 cash payment on account for the equipment purchased in transaction 2.
(7) Paid $2,800 cash for assistant's salary for this period.
(8) Collected $9,400 cash from clients previously billed in transaction 5.
(9) Received $180 invoice for this period's utilities; it is paid early in the next period.
(10) Paid $1,500 cash for dividends to shareholders.
(11) Paid $225 cash for interest on the note payable for the period.
Analyze and enter each into the financial statement effects template.
Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.
Note: Indicate a decrease in an account category by including a negative sign with the amount.
image text in transcribed

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