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An analysis of the transactions made by Sandhill & Co., a certified public accounting firm, for the month of August is shown below. The expenses
An analysis of the transactions made by Sandhill & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $600 for rent, $5,300 for salaries and wages, and $360 for utilities.
Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Owners Capital | Owners Drawings | + | Revenues | Expenses | ||||
1. | +$14,000 | +$14,000 | ||||||||||||||||
2. | 1,500 | +$4,400 | +$2,900 | |||||||||||||||
3. | 750 | +$750 | ||||||||||||||||
4. | +3,400 | +$4,800 | +$8,200 | |||||||||||||||
5. | 1,500 | 1,500 | ||||||||||||||||
6. | 2,000 | $2,000 | ||||||||||||||||
7. | 600 | $600 | ||||||||||||||||
8. | +400 | 400 | ||||||||||||||||
9. | 5,300 | 5,300 | ||||||||||||||||
10. | +360 | 360 |
(b) Determine how much owners equity increased for the month.
Net increase in owners equity | :____$ |
(c) Compute the amount of net income for the month.
Net income:___$ |
(Thank you <3)
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