ER 1 Accounting Concepts and Procedures CENTER counting ON THE JOB SMITH COMPUTER next, the bala The following problem continues from one chapter to the experience ofthe ch 03,4 of each month d. Each chapter on the learning the knowled forward business grows, d decision-maker. of accounting is the performance of a business information as Debi Ana Assignment spreadsheet using the following r up an expanded accounting equation accounts Owners Equity Feldman, Capital Liabilities Assets Feldman, Withdrawal Accounts Payable Tra Cash Service Revenue Supplies Expenses (notate type) Computer Shop Equipment Office Equipment 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 Feldman decided to begin his own computer service busi ness. He named the business the Smith Computer Center. During the first month, CHI had conducted the following business transactions: a. Invested $6,000 of his savings into the business. 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. e. Paid July rent, $500 (check #8097) Repaired a system for a customer and collected $800 g. Collected $600 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