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Exercise 1 The following are transactions for Sameer new business during the month of September; we are going to see their effect on the basic
Exercise 1
The following are transactions for Sameer new business during the month of September; we are going to see their effect on the basic accounting equation:
- Sameer invested $15000 cash in the business
- Purchase of equipment of $7000 on credit .
- Purchase of supplies on credit of $1600.
- Provide services (revenues) of cash $1200.
- Purchase of advertising on credit of $250.
- Provide services of $3500, cash $2000 and $1500 billed on account (account receivable)
- Payment of expenses of cash $1700.
- Payment of accounts payable of $250.
- Receipt of cash from customers on account of $600.
- Withdrawal of cash by owner of $1300.
Instructions:
A: Prepare a tabular analysis for the previous transactions.
B:Prepare Financial Statements
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