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:

1. Sameer invested $15000 cash in the business
2. Purchase of equipment of $7000 on credit .
3. Purchase of supplies on credit of $1600.
4. Provide services (revenues) of cash $1200.
5. Purchase of advertising on credit of $250.
6. Provide services of $3500, cash $2000 and $1500 billed on account (account receivable)
7. Payment of expenses of cash $1700.
8. Payment of accounts payable of $250.
9. Receipt of cash from customers on account of $600.
10. Withdrawal of cash by owner of $1300.

Instructions:

A: Prepare a tabular analysis for the previous transactions.

B:Prepare Financial Statements