Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i think im unable to send more than this clear. its totally clear Waterway Petronick decided to start an accounting practice after graduation from the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i think im unable to send more than this clear. its totally clear
Waterway Petronick decided to start an accounting practice after graduation from the following occurred concerning Waterway's practice. 1. 2 3 5. After shopping around, Waterway found an office to lease and signed a lease agreement. The scale for $976 rent per month Waterway borrowed $3,904 from his grandmother so that he could buy some office furniture for his Waterway deposited the $3,904 plus $488 of his own cash in a new bank account at EMO under the name Accounting Services Paid the landlord the first month's rent. D Purchased office furniture for $3.223 on account Moved into the office and obtained the first assignment from a client to prepare year end financial statements for $1.95 Performed the work on the assignment and sent an invoice to the customer for $1.952. Paid half of the amount of the purchase of office furniture. Purchased office supplies on account for $295, Pald 51 cash for Internet services. Collected half of the amount owing from the customer referred to in #7 Wate withdrew cash from the business of $142 for personal expenses. 7 13 12 Using the above table, indicate the effects of each of these events on the accounting equation. If an event is not a business transaction, or if an element is not affected, enter No Effect. If an element has both an increase and a decrease selecteres Decrease. Event Asset Liability Owner's Equity 1 2 Waterway Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Waterway's practice. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12 After shopping around, Waterway found an office to lease and signed a lease agreement. The lease calls for a payment of $976 rent per month Waterway borrowed $3,904 from his grandmother so that he could buy some office furniture for his new office. Waterway deposited the $3,904 plus $488 of his own cash in a new bank account at BMO under the name Petronick Accounting Services Paid the landlord the first month's rent. Purchased office furniture for $3.223 on account. Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1.952. Performed the work on the assignment and sent an invoice to the customer for $1.952. Paid half of the amount of the purchase of office furniture Purchased office supplies on account for $295, Paid $51 cash for internet services Collected half of the amount owing from the customer referred to in #7 Waterway withdrew cash from the business of $142 for personal expenses. Event Asset Owner's 1 2 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions