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1-11 help please. they are affected on this page. Next, record the following transactions on the form on the next page showing the dollar amount
1-11 help please.
they are affected on this page. Next, record the following transactions on the form on the next page showing the dollar amount and if it's an addition (+), or a subtraction (-). After all the transactions are recorded, determine the total for each column and verify the accounting equation is in balance. 1 Kelsey Lyle invests $30,000 cash to start a consulting business. Answer: Cash (+) $30,000 and K. Lyle Capital (+) $30,000. Cash is an asset and K. Lyle Capital is an equity. This transaction increases an asset and an equity by the same amount, so the accounting equation is in balance. 2 Purchased Supplies, $1,500 for cash. 3 Purchased Equipment, $20,000 for cash. 4 Purchased Supplies, $1,000 on account. 5 Completed service for a client and collected $4,000 in cash. 6 Paid monthly rent for the office, $1,000. I 7 Paid monthly salaries for the office staff, $2,000. 8 Completed service of $2,000 for a client and rented our facility for $500. Customer agreed to pay in one month. 9 Received $2,500 from the client for work completed and facility rented in #8. 10 Paid $500 on account for the supplies purchased in #4. 11 Kelsey, owner, withdrew $600 cash for personal use (hint Business Entity) Step by Step Solution
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