Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the following exercise in excel ind P1-40A Using the accounting equation for transaction analysis Learning objective 4 Previous Nest Matilda Crone owns and operates

Complete the following exercise in excel

image text in transcribed

ind P1-40A Using the accounting equation for transaction analysis Learning objective 4 Previous Nest Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014: Total Assets $27,900 Liabilities+ Assets ul Cash +AccountsOffice +Land Receivable Supplies Accounts+Crone,Crone, +Service RentAdvertising Payable Capital Withdrawals Revenue Expens Expense $8,000 $11,300 Bal. $2,300+$3,000S0 +$14,000 During September 2014, the business completed the following transactions: a. Matilda Crone contributed $13,000 cash in exchange for capital b. Performed service for a client and received cash of $900 c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $600 e. Collected cash from a customer on account, $2,300 f. Matilda withdrew $1,600 g. Consulted for a new band and billed the client for services rendered, $5,500 h. Recorded the following business expenses for the month: Paid office rent: $1,200 Paid advertising: $600 Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above

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

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

Oil And Gas Industry IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304113434, 978-1304113436

More Books

Students also viewed these Accounting questions