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i need full answers please For each transaction determine its effects on the accounting Equation: 1. Invested $30,000 cash to start the business. 2. Earned
i need full answers please
For each transaction determine its effects on the accounting Equation: 1. Invested $30,000 cash to start the business. 2. Earned $8,000 for services rendered: $2,000 cash is received from customers, and the balance of $6,000 is billed to customers on account 3. Purchased office equipment for $2,000 on account. 4. Paid $1,000 cash for April office rent. 5. Withdrew $950 cash for personal use. 6. Received $5,000 in cash from customers who have previously been billed in transaction 2 7. Paid the amount due in transaction 3 The effect of this transaction (Paid $800 for office rent for the month) is decreasing assets and increasing owner's equity (I)Step by Step Solution
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