Accounting Assignment #1 (3%) 6 points

Financial Office Management(FOM)OADM28823 Fall 2023

Instructions

-Open and resave thisfile

oName the file(FOM_Assignment_1_YOURNAME)(replace YOURNAME)

e.g.FOM_Assignment_1_JaneDoe

This is the file you will submit for your assignment once it iscompleted

-Beloweach transaction on page 2, write:

othe Accounts affected and

othe amounts (how much)affected

You can use the chartbelowto help you (remember, not all accounts are listedbelow)

Assets	Liabilities	Owners Equity
Cash	Accounts Payable	Sales Revenue
Accounts Receivable	Notes Payable	Service Revenue
Supplies	Salaries Payable	Rent Expense
Prepaid Insurance	Unearned Revenue	Utilities Expense
Inventory	Mortgage Payable	AdvertisingExpense
Equipment		Capital
Buildings		Drawing
Land		Retained Earnings

You can use resources from class tohelp you with this assignment.

Please clearly mark the transaction # in youranswerfile.

Make sure to submit to SLATE before the due date indicated by your professor.

2examplesare belowto help you. These are examples only. Do not repeat the examples in your final assignment file.

ExampleTransaction #1

DesminasDesserts pays rent of $2200 for the month.

How the examplewould be writtenin yourassignment:

Account AffectedAmount Affected (+/-)

Rent Expense(+$2200)

Cash(-$2200)

ExampleTransaction #2

NorthstarCorp. issued shares for $100,000.

How the examplewould be writtenin yourassignment:

Account AffectedAmount Affected (+/-)

Cash(+$100,000)

Share Capital(+$100,000)

Transaction #1 (1 point)

$4,700 of supplies purchased on credit in an earlier transaction were found to be defective. They were returned.

Transaction #2(1 point)

Dylex Corporation usedcreditto purchase $3,250 of equipment.

Transaction #3(1 point)

Segura Corporation used $200 cash and $600 credit to purchase $800 of supplies.

Transaction #4(1 point)

Laura invests $10,000 into her business, LaurasDesserts

Transaction #5 (1 point)

DesminasDesserts opens for business on March 31st.Desminamakes $1500 that first day!

Transaction#6 (1 point)

Lanas Nail Salon paid $1500 for a one-year insurancepolicy