Question
a. Mary Clarmont contributed $9,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,300. c. Paid off the
a. | Mary Clarmont contributed $9,000 cash in exchange for capital. |
b. | Performed service for a client and received cash of $1,300. |
c. | Paid off the beginning balance of accounts payable. |
d. | Purchased office supplies from OfficeMax on account, $900. |
e. | Collected cash from a customer on account, $1,600. |
f. | Clarmont withdrew $1,800. |
g. | Consulted for a new band and billed the client for services rendered, $2,700. |
h. | Recorded the following business expenses for the month: 1. Paid office rent: $800. 2. Paid advertising: $450. |
ASSETS | = | LIABILITIES | + | EQUITY | |||||||||||||||
Cash | + | Accounts Receivable | + | Office Supplies | + | Land | = | Accounts Payable | + | Clarmont, Capital | - | Clarmont, Withdrawals | + | Service Revenue | - | Rent Expense | - | Advertising Expense | |
Bal. | $1,800 | + | $2,900 | + | $0 | + | $16,000 | = | $6,000 | + | $11,800 |
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| $2,900 |
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