Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bentley Inc. began operations on August 1, 2014. The transactions for the first month follow. a. Bentley Inc. issued shares to shareholders for $100,000. b.
Bentley Inc. began operations on August 1, 2014. The transactions for the first month follow. a. Bentley Inc. issued shares to shareholders for $100,000. b. Bentley Inc. collected $500 for commissions earned today. C. Bentley Inc. performed consulting services for a customer and received $6,000. d. Bentley Inc. performed consulting services for a customer and received $300. e. Bentley Inc. will pay this month's water utilities bill of $300 received today, within 30 days. f. A client rented equipment for $1,000 cash. g. The $750 bill for the advertising campaign that ran last week was received today. It will be paid within 30 days. h. Furniture was rented by a customer for $800 cash. i. Bentley Inc. received a bill today for this month's electrical utilities; $150. It will be paid within 30 j. Bentley Inc. paid dividends of $2,000 to the shareholders. Transad Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Use additions and subtractions to 10 show the transactions' effects on the elements of the equation. Show new totals after each transaction. Also indicate next to each change in the equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended Augst 31. a) Complete the following accounting equation table:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started