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Joey Tribianni started his own legal agency, Tribianni Agency, on July 1, 2022. The following transactions occurred during the month of July: Jul 1
Joey Tribianni started his own legal agency, Tribianni Agency, on July 1, 2022. The following transactions occurred during the month of July: Jul 1 Jul 2 Jul 3 Jul 5 Jul 9 Jul 12 Jul 15 Jul 17 Jul 20 Jul 23 Jul 26 Jul 29 Jul 30 Joey invested $7,000 cash and equipment worth of $14,000 in the business. Paid $2,400 for the month's office rent. Purchased $600 of supplies for cash. Country News billed Tribianni Agency $250 for the advertisement service provided. Received $4,000 cash for services performed. Joey withdrew $500 cash for personal use. Performed $7,400 of services on credit. Paid half the amount due (on July 5) to Country News. Paid $1,700 as employee salaries. Received $4,700 for services performed on account on July 15. Borrowed $5,000 for the business from Ceetee Bank. Purchased equipment worth $4,200 on credit. Paid $275 for utilities. Questions a) Prepare a tabular analysis of the transactions listed above, including the balances at the end, to indicate the effect of each transaction on the accounting equation. b) What is the net income/loss of the company for the month? c) What is the value for total liabilities of the company at the end of the month?
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