Question
A tabular summary of the transactions for Oriole & Co., an accounting firm, for its first month of operations, July 2021, follows: Cash + Accounts
A tabular summary of the transactions for Oriole & Co., an accounting firm, for its first month of operations, July 2021, follows:
| Cash | + | Accounts Receivable | + | Prepaid Insurance | + | Equipment | = | Accounts Payable | + | B. Oriole, Capital | - | B. Oriole, Drawings | + | Revenues | - | Expenses | ||
| 1 | $18,000 | $6,000 | $24,000 | |||||||||||||||
| 2 | -4,000 | 8,000 | $4,000 | |||||||||||||||
| 3 | -750 | $750 | ||||||||||||||||
| 4 | 3,500 | $3,400 | $6,900 | |||||||||||||||
| 5 | -2,000 | -2,000 | ||||||||||||||||
| 6 | -2,800 | -$2,800 | ||||||||||||||||
| 7 | -800 | -$800 | Rent | |||||||||||||||
| 8 | 1,350 | -1,350 | ||||||||||||||||
| 9 | -3,500 | -3,500 | Salaries | |||||||||||||||
| 10 | 600 | -600 | Utilities |
Calculate the increase in owners equity for the month.
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Cost Accounting
Authors: James A. Cashin, Ralph S. Polimeni, Sheila Handy
3rd Edition
0070110263, 9780070110267
