Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume John Sullivan completed the following additional transactions during February. (e) Received cash from a client for professional services, $1,310. (f) Paid office rent for

Assume John Sullivan completed the following additional transactions during February.

(e) Received cash from a client for professional services, $1,310.

(f) Paid office rent for February, $580.

(g) Paid February phone bill, $62.

(h) Withdrew cash for personal use, $1,040.

(i) Performed services for clients on account, $990.

(j) Paid wages to part-time employee, $1,060.

(k) Received cash for services performed on account in transaction (i), $400. (Enter the change in Cash on the first line and the change in other account on the second line.)

Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital – Drawing + Revenues – Expenses). Use the minus sign to indicate a decrease or reduction in the account. After transaction (k), report the totals for each element. If an amount box does not require an entry, leave it blank.






Owner's Equity


Assets=Liabilities+Capital-Drawing+Revenues-Expenses
Description
Bal.30370
5250
25120







(e)fill in the blank 1
fill in the blank 2
fill in the blank 3
fill in the blank 4
fill in the blank 5
fill in the blank 6

Phone expenseRent expenseService feesWages expense

(f)fill in the blank 8
fill in the blank 9
fill in the blank 10
fill in the blank 11
fill in the blank 12
fill in the blank 13

Phone expenseRent expenseService feesWages expense

(g)fill in the blank 15
fill in the blank 16
fill in the blank 17
fill in the blank 18
fill in the blank 19
fill in the blank 20

Phone expenseRent expenseService feesWages expense

(h)fill in the blank 22
fill in the blank 23
fill in the blank 24
fill in the blank 25
fill in the blank 26
fill in the blank 27

(i)fill in the blank 28
fill in the blank 29
fill in the blank 30
fill in the blank 31
fill in the blank 32
fill in the blank 33

Phone expenseRent expenseService feesWages expense

(j)fill in the blank 35
fill in the blank 36
fill in the blank 37
fill in the blank 38
fill in the blank 39
fill in the blank 40

Phone expense/Rent expense/Service feesWages expense

(k)fill in the blank 42
fill in the blank 43
fill in the blank 44
fill in the blank 45
fill in the blank 46
fill in the blank 47


fill in the blank 48
fill in the blank 49
fill in the blank 50
fill in the blank 51
fill in the blank 52
fill in the blank 53

Bal.fill in the blank 54
fill in the blank 55
fill in the blank 56
fill in the blank 57
fill in the blank 58
fill in the blank 59


Demonstrate that the accounting equation has remained in balance.

Total Assets$fill in the blank 60
Total Liabilities$fill in the blank 61
Capitalfill in the blank 62
Drawingfill in the blank 63
Revenuesfill in the blank 64
Expensesfill in the blank 65
Total Liabilities and Owner's Equity$fill in the blank 66

Step by Step Solution

3.42 Rating (174 Votes )

There are 3 Steps involved in it

Step: 1

Effect of transaction on Accounting Equation Owners equity Liabiliti... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions

Question

answer to two decimal places. %

Answered: 1 week ago