Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

complete this table for me During November, the following occurred: Nov. 1 Rented office space and paid cash for the month s rent of $

complete this table for me During November, the following occurred:
Nov. 1 Rented office space and paid cash for the months rent of $8,100.
3 Purchased electrical equipment for $27,000 from an electrician who was going out of business, by using $14,500 in personal funds and agreeing to pay the balance in 30 days. Hint: Reminder to record the impact of the owner's deposit of cash in the business before recording the purchase of the equipment.
5 Purchased office supplies by paying $2,700 cash.
6 Completed electrical work and immediately collected $2,900 for doing the work.
8 Purchased $6,100 of office equipment on credit.
15 Completed electrical work on credit in the amount of $6,900.
16 Interviewed and hired a part-time electrician who will be paid $6,200 each month. He will begin work in three weeks.
18 Purchased $1,900 of office supplies on credit.
20 Paid for the office equipment purchased on November 8.
24 Billed a client $5,250 for electrical work; the balance is due in 30 days.
28 Received $6,900 for the work completed on November 15.
30 Paid the office assistants salary of $5,300.
30 Paid the monthly utility bills of $4,500.
30 Power withdrew $2,300 from the business for personal use.
Required:
Complete the following table. Use additions and subtractions to show the effects of each November activity on the items in the equation. For each change in equity, select whether the change was caused by an investment, a revenue, an expense, or a withdrawal. Determine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive values. If the transaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.)

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

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions