E1-2A Record the following transactions in the basic accounting equation: Assets Liabilities + Owner's Equity Treat each transaction separately. Matty invests $130,000 in his company. b. The company buys equipment for cash, $1,100. c. The company buys equipment on account, $950. a. certing annaiens in the nded acourtrg eqaie E1-4 Mepced the flewing tramocis in the eapandad accounting equarion. The rming halance may he oined Sr simplicity OWNERS EQUITY UABILITIES Espenses. ASSETS +Rescnue -I Bll. Bell. Caplal Accoum Wihdrwls Campeter Canh Acems Receleble Payable a. L Be iesod S in Bell Compter Compamy h. Sogt eonguner oquipment on accoumt, $7/00 Paid personal tclephone l fom compam boek accot, 5200 d Reced cash fur scrices rendered, S14,000. led c men foe servicos rendered for the montl, 530000, Paid eumnt rem expemie, 4,00. * Paid supples espenac, 51,500, Erum the follreing accou balances for Novmber 2019, prepare in peoper fom a) an ineome emee, )a statement of owner's equity, and (e)a she for Freksrick Realn E Presaring heome aemet se of wrers cuty, ane seasce the S4,N00 S. Fredrick, Withdrawals $120 1230 Professional Fees 8,300 Solaries Espense 4000 Ulities Espense 9000 Rent Expero Cash 3,000 Acounts Reoivahles 590 Ofice Equpment 200 Accounts Pasalle sm S Frederick, Capital, Nov. 1, 201 EXERCISES Set B Eatel templaes for al questions ane aalshle in MyAccountinglah) E-18 Compke the folowing abile The acaurtg saae Owner's Equity Lisbilitics Assa a. $15000 S 6/00 S8000 b. 11,000 S5,000 Recond dhe folowing ramacins in the basic accounting equation $14/00 esg traasiss is the accsugion E1- AssetsLibilitics +Ouner's Equity 5 Tret cah tranmaction sparncly a. Marly inses $114,000 in her company. h. The cumpany hays oipmene for cash, St0. e. The company bys epalpment on accum, 51,150 - kify knt four main ans of scconting for acennng professiceals. Fun exh acousing ares, klentify at least three scoounting eclatd opportunities in pracice fur eads area Recond de 6lng amtios in the espanlod secounng equation The aing balance may be omsod Se simplicins. Apcousg ceis Record ansations in th assaanting ian CHAPTER 38 ASSETS =IIABILI'TIES + OWNER'S EQUITY Cash Accounts Receivable Computer Equipment +B. Bell . Bell, Accounts Revenue - Expenses Payable Capital Withdrawals . B. Bell invested S40,000 in Bell's Computer Company. b. Bought computer equipment Paid personal telephone bill from company bank account, $150 d. Reccived cash from services rendered, S12,000. e. Billed customers for scrvices rendered for the month, $25,000. on account, S8,000 Paid current rent expense, S3,000 g. Paid supplies expense, $900. E1-55 From the following an income statement, (b) a statement of owner's cquity, and (c) a balance sheet Preparing the income statement statement of owner's equity, and balance sheet account balances for June 2019, prepare in proper form (a) for French Realty. 4 (20 min) S. French, Withdrawals S4,650 640 Cash 5,600 2,600 Professional Fees Accounts Reccivable 800 Office Equipment Accounts Payable S. French, Capital, June 1, 2019 8,500 Salaries Expense 4,000 Utilities Expense 760 650 9,000 Rent Expense GROUP A PROBLEMS Excel templates for all questions are available in MyAccountingLab. Working papers for select questions are available in the print Iorkbook.) P1-1A Mia Anabelle, who lives in Winnipeg, decided to open Mia's Nail Spa. Mia com pleted the following transactions The accounting equation 2 (15 min) - A. Invested $20,000 cash from her personal bank account into the business Check Figare B. Bought equipment for cash, $4,000. C. Bought additional equipment D. Paid S1,000 cash to reduce what was owed from Transaction C Total Assets S25,000 on account, S6,000 Based on the above information, record these transactions in the basic account ing equation nt- P1-24 Bill See is the accountant for See's Internet Service. His task is to construct a bal ance sheet from the following information, as of September 30, 2020, in proper form. Could you help him? Preparing a balance sheet D(10 min) Check Figure 18,000 Building Accounts Payable B Sce, Capital P1-3A At the end of June, Rick Fontan of Corner Brook decided to open his own Recording transactions in the computer service, Fontan Computer Service. Analyze the following transactions he completed by recording their effects in the expanded accounting equation. a. Invested $25,000 in his computer service. b. Bought Cash S20,000 Total Assets S52,000 14,000 Equipment 15,000 37,000 expanded accounting equation 3 (20 min) Cwk Fiwre new computer equipment on account, $2,500 c. Received cash for computer services rendered, $800 d. Performed computer services on account, $2,100. e. Paid part-time secretary's salary, $275 Total Assets $29,255 39 ACCOUNTING CONCEPTS AND PROCEDURES