CHAPTER 1 Accounting Concepts and Procedures yAccou tnglON THE JOB SMITH COMPUTER CENTER , carrying on the learning experience of each month forward. Each chapter ter, adds information as the business grows, a of accounting is to the performance of a busin nd shows how critical the ess decision-maker min) LO3,4 llowing problem continues from one chapter to the next focuses Assignment r. Set up an espanded accounting equation spreadsheet using the followin. Owner's Equity Feldman, Capital Feldman, Withdrawal Service Revenue Expenses (notate type Liabilities Assets Cash Supplies Computer Shop Equipment Office Equipment Accounts Payable 2. Analyze and record each transaction in the expanded accounting equation 3. Prepare the financial statements ending July 31 for Smith Computer Center. On July 1, 201X, Thad ness. He named the business the Smith Computer Center. During the first month, Thad conducted the following business transactions: a. Invested $6,000 of his savings into the business. Feldman decided to begin his own computer service busi- b. Paid $1,800 (check #8095) for the computer from A-Tech, Inc. c. Paid $3.300 (check #8096) for office equipment from Bertha and Pac Furniture, Inc. d. Set up a new account with The Staple Store and purchased $200 in office supplies on credit Paid July rent, S500 (check #8097). f. Repaired a system for a customer and collected $800. g. Collected S600 for system upgrade labor charge from a customer h. Electric bill due but unpaid, $75. i. Collected $1,800 for services performed on Phil's Photography computers. j. Withdrew $175 (check #8098) to take his wife, Chelsea, out in celebration of opening the new business