For questions 1-9 April 1 Bernard Provencher opened the Provencher Photography Studio on During April, the company engaged in the following transactions. By addition and subtraction, show the effects of the transactions on Provencher Photography Studio's resources and sources of resources. Notice that the first transaction has been processed for you. April 1: Bernard started the business by depositing $8,000 cash in a bank account in the corporation's name in exchange for 8,000 shares of $1 par value per share common stock. The company's accounting system used only the following accounts: Cash, accounts receivable, photography supplies, prepaid rent, accounts payable, common stock, retained earnings, dividends, fees revenue, and telephone expense Sources of Sources of Sources of Borrowed Owner Management Generated Invested Resources Resources Resources Resources Stockholders' Equity $8,000 Liabilities Assets 8,000 + + The company's receipt of cash increased its resources (assets). The company now has $8,000 more resources (cash) than it had before it received the cash. Since the company did not give up any resources to receive the cash, but received the cash from the owner, the company's sources of owner invested resources (common stock) increased by $8,000. For questions 10-18 Record the Studio's transactions in its general journal. Notice that the first transaction has been processed for you. April 1: Bernard started the business by depositing $8,000 cash in a bank account in the corporation's name in exchange for 8,000 shares of $1 par value per share common stock. The company's accounting system used only the following accounts: Cash, accounts receivable, photography supplies, prepaid rent, accounts payable, common stock, retained earnings, dividends, fees revenue, and telephone expense Credits Description Debits Cash $8,000 $8,000 Common Stock Owner's investment The company's receipt of cash increased its cash asset by $8,000. Since assets increase with debits, cash is debited for $8,000. The cash was received from the owner and, in return, the owner received shares of common stock. Since debits equal credits, the company's common stock must be credited for $8,000. 24 Determine the dollar amount of April 30 resources that the Provencher Photography Studio obtained through borrowing a. $8,930 b. $330 c. $8,840 d. $790 e. $110 25 Determine the dollar amount of April 30 resources that the Provencher Photography Studio obtained from the owner. a. $8,000 b. $8,730 c. $8,840 d. $8,930 e. $7,710 26. Determine the net dollar amount of resources that the Provencher Photography Studio generated through management operations in April a. $7,710 b. $8,930 C. $790 d. $820 e. $730 27. Determine the dollar amount of April 30 resources that the Provencher Photography Studio generated through management operations and kept in the business. a. $7,710 b. $730 c. $790 d. $8,730 e. $8,840 For questions 1-9 April 1 Bernard Provencher opened the Provencher Photography Studio on During April, the company engaged in the following transactions. By addition and subtraction, show the effects of the transactions on Provencher Photography Studio's resources and sources of resources. Notice that the first transaction has been processed for you. April 1: Bernard started the business by depositing $8,000 cash in a bank account in the corporation's name in exchange for 8,000 shares of $1 par value per share common stock. The company's accounting system used only the following accounts: Cash, accounts receivable, photography supplies, prepaid rent, accounts payable, common stock, retained earnings, dividends, fees revenue, and telephone expense Sources of Sources of Sources of Borrowed Owner Management Generated Invested Resources Resources Resources Resources Stockholders' Equity $8,000 Liabilities Assets 8,000 + + The company's receipt of cash increased its resources (assets). The company now has $8,000 more resources (cash) than it had before it received the cash. Since the company did not give up any resources to receive the cash, but received the cash from the owner, the company's sources of owner invested resources (common stock) increased by $8,000. For questions 10-18 Record the Studio's transactions in its general journal. Notice that the first transaction has been processed for you. April 1: Bernard started the business by depositing $8,000 cash in a bank account in the corporation's name in exchange for 8,000 shares of $1 par value per share common stock. The company's accounting system used only the following accounts: Cash, accounts receivable, photography supplies, prepaid rent, accounts payable, common stock, retained earnings, dividends, fees revenue, and telephone expense Credits Description Debits Cash $8,000 $8,000 Common Stock Owner's investment The company's receipt of cash increased its cash asset by $8,000. Since assets increase with debits, cash is debited for $8,000. The cash was received from the owner and, in return, the owner received shares of common stock. Since debits equal credits, the company's common stock must be credited for $8,000. 24 Determine the dollar amount of April 30 resources that the Provencher Photography Studio obtained through borrowing a. $8,930 b. $330 c. $8,840 d. $790 e. $110 25 Determine the dollar amount of April 30 resources that the Provencher Photography Studio obtained from the owner. a. $8,000 b. $8,730 c. $8,840 d. $8,930 e. $7,710 26. Determine the net dollar amount of resources that the Provencher Photography Studio generated through management operations in April a. $7,710 b. $8,930 C. $790 d. $820 e. $730 27. Determine the dollar amount of April 30 resources that the Provencher Photography Studio generated through management operations and kept in the business. a. $7,710 b. $730 c. $790 d. $8,730 e. $8,840