Question
a. Meg McKinney contributed $17,000 cash in exchange for capital. b. Performed service for a client and received cash of $800. c. Paid off the
| a. | Meg McKinney contributed$17,000 cash in exchange for capital. |
| b. | Performed service for a client and received cash of $800. |
| c. | Paid off the beginning balance of accounts payable. |
| d. | Purchased office supplies from OfficeMax on account, $1,200. |
| e. | Collected cash from a customer on account, $2,000. |
| f. | McKinney withdrew$1,600. |
| g. | Consulted for a new band and billed the client for services rendered, $4,500. |
| h. | Recorded the following business expenses for the month: 1. Paid office rent:$1,000. 2. Paid advertising:$500. |
The beginning balances given in the question have been entered for you. Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap. =
Clifford,
Capital; Exp. = Expense; Liab = Liabilities; Rev. = Revenue; Sup. = Supplies; Withdr. =
Clifford,
Withdrawals.)
| ASSETS | = | LIAB. | + | EQUITY | |||||||||||||||
| Cash | + | A/R | + | Office | + | Land | = | A/P | + | Cap. | - | Withdr. | + | Service | - | Rent | - | Adv. | |
|
|
|
|
| Sup. |
|
|
|
|
|
|
|
|
| Rev. |
| Exp. |
| Exp. | |
| Bal. | 2,600 |
| 2,600 |
| 0 |
| 18,000 | = | 4,000 |
| 16,600 |
| 0 |
| 2,600 |
| 0 |
| 0 |
| a. |
| + |
| + |
| + |
| = |
| + |
| - |
| + |
| - |
| - |
|
| Bal. |
| + |
| + |
| + |
| = |
| + |
| - |
| + |
| - |
| - |
|
question 2
| a. | Matilda Clifford contributed $12,000 cash in exchange for capital. |
| b. | Performed service for a client and received cash of $600. |
| c. | Paid off the beginning balance of accounts payable. |
| d. | Purchased office supplies from OfficeMax on account, $500. |
| e. | Collected cash from a customer on account, $1,600. |
| f. | Clifford withdrew $1,300. |
| g. | Consulted for a new band and billed the client for services rendered, $3,800. |
| h. | Recorded the following business expenses for the month: 1. Paid office rent: $1,200. 2. Paid advertising: $600. |
The beginning balances given in the question have been entered for you. Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap. =
Clifford,
Capital; Exp. = Expense; Liab = Liabilities; Rev. = Revenue; Sup. = Supplies; Withdr. =
Clifford,
Withdrawals.)
| ASSETS | = | LIAB. | + | EQUITY | |||||||||||||||
| Cash | + | A/R | + | Office | + | Land | = | A/P | + | Cap. | - | Withdr. | + | Service | - | Rent | - | Adv. | |
|
|
|
|
| Sup. |
|
|
|
|
|
|
|
|
| Rev. |
| Exp. |
| Exp. | |
| Bal. | 2,600 |
| 2,600 |
| 0 |
| 18,000 | = | 4,000 |
| 16,600 |
| 0 |
| 2,600 |
| 0 |
| 0 |
| a. |
| + |
| + |
| + |
| = |
| + |
| - |
| + |
| - |
| - |
|
| Bal. |
| + |
| + |
| + |
| = |
| + |
| - |
| + |
| - |
| - |
|
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