Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brian Pranz opened a consulting company, and the following transactions resulted: (Click the icon to view the transactions.) (Click the icon to view the

image text in transcribed

Brian Pranz opened a consulting company, and the following transactions resulted: (Click the icon to view the transactions.) (Click the icon to view the Chart of Accounts.) As Brian's accountant, analyze and record the transactions in T account form. Label each entry with the letter of the transaction. Cash 111 Office Equipment 121 Accounts Payable 211 More info a. Brian invested $80,000 in the consulting agency. a. b. Bought office equipment on account, $7,500. Brian Pranz, 11 Brian Pranz, Withdrawals 312 Consulting Fees Earned 411 C. b. Agency received cash for consulting work that it completed for a client, $2,900. d. Brian paid a personal bill from the company checkbook, $115. e. C. d. Paid advertising expense for the month, $400. f. Rent expense for the month due but unpaid, $600. g. Paid $1,100 as partial payment of what was owed from Transaction B. Advertising e. 11 Rent Expense 512 f. g. Chart of Accounts Assets Cash 111 Office Equipment 121 Liabilities Accounts Payable 211 Owner's Equity Brian Pranz, Capital 311 Chart of Accounts Brian Pranz, Withdrawals 312 Revenue Consulting Fees Earned 411 Expenses Advertising Expense 511 Rent Expense 512 Print Done -

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Accounting questions