Answered step by step
Verified Expert Solution
Question
1 Approved Answer
CASH + ACCTS REC+ SUPPLIES+ EQUIPMT = ACCTS PAY+NOTES PAY + 0. 39,100 2,000 2,500 14,000 = 2,500 14,000 WALL CAP 41,100 Remarks A=L+OE? (Beginning
CASH + ACCTS REC+ SUPPLIES+ EQUIPMT = ACCTS PAY+NOTES PAY + 0. 39,100 2,000 2,500 14,000 = 2,500 14,000 WALL CAP 41,100 Remarks A=L+OE? (Beginning Balances) 1. TRUE Totals 39,100 2,000 2,500 14,000 = 2,500 14,000 41,100 TRUE 2. Consulting Revenue TRUE Totals 39,100 2,000 2,500 14,000 = 2,500 14,000 41,100 TRUE 3. 1,700 1,700 Rent Expense TRUE Totals 40,800 2,000 2,500 14,000 = 2,500 14,000 42,800 TRUE Utilities Expense TRUE Totals 40,800 2,000 2,500 14,000 = 2,500 14,000 42,800 TRUE 5. Salaries Expense TRUE Totals 40,800 2,000 2,500 14,000 = 2,500 14,000 42,800 TRUE 6. Owner Withdrawal TRUE Totals 40,800 2,000 2,500 14,000 = 2,500 14,000 42,800 TRUE 7. Totals 40,800 2,000 2,500 14,000 = 2,500 14,000 42,800 TRUE TRUE 8. Supplies Expense TRUE Totals 40,800 2,000 2,500 14,000 2,500 14,000 42,800 TRUE TRANSACTIONS: 0. Examine row 0 in the table. These are the ending balances from the first Wall Table problem. The second month of transactions are as follows: 1. Wall paid creditors $600 on account. (Use negative numbers to show decreases.) 2. Wall provided consulting services to customers for $8,000 on account. 3. Wall paid rent expense, in cash, of $1,700. 4. Wall paid utilities expense in the amount of $800 in cash. 5. Wall paid $2,500 of salaries expense in cash. 6. Wall withdrew cash in the amount of $1,400 for personal use. 7. Wall received cash on account from customers in the amount of $3,500 8. The supplies remaining at month-end amounted to $1,600. Therefore, supplies used up were $900
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