Assets Liabilities Equity Accounts Accounts Cash + Receivable Supplies = Payable + Notes Payable Retained + Common Stock + Earnings 8,000 15,900 4,100 2,500 4,000 12,000 9,500 a. 15,000 15,000 b. -850 -850 C. d. 8,000 e. -1,080 1. -2,150 9- 4,700 h i. 2,250 2,250 8,000 -1,080 -3,180 1,920 v -2,150 4,700 -3,180 1,920 -500 500 k. 1,290 -1,290 1. -1,000 -1,000 31,410 16,530 + 3,670 3,670 + 12,000 27,000 8,940 Feedback Check My Work 1. To perform transaction analysis, complete the following steps: Step 1: Write down the accounting equation. Step 2: Identify the financial statement elements that are affected by the transaction. Step 3: Determine whether the elements increased or decreased. Remember that revenues and expenses affect retained earnings. 2. Prepare the trial balance at August 31. If an amount box does not require an entry, leave it blank. Madero Accounting Services Trial Balance August 31 Account Cash Debit 31,410 V Credit Accounts Receivable 16,530 Supplies - 3,670 V Accounts Payable 3,670 Notes Payable 12,000 Common Stock Retained Earnings Dividends 27,000 x Revenues Expenses Feedback