Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Learning Objective 4 (P1-47B Using the accounting equation for transaction analysis muwns and operates a public relations firm called Top 40. The followir amounts summarize

image text in transcribed
Learning Objective 4 (P1-47B Using the accounting equation for transaction analysis muwns and operates a public relations firm called Top 40. The followir amounts summarize her business on August 31, 2014: issy Col Total Assets $22,400 Liabilities + Assets Accounts + Colins,-Collins, + Service- Rent -Advertisin Payable Cash + Accounts+Office+Land Receivable Supplies Capital Withdrawals Revenue Expense Expense Bal. $2,100+ $2,000$O +$10,000 $6,000 $8,100 During September 2014, the business completed the following transactions: a. Missy Collins contributed $10,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,000. c. Paid off the beginning balance of accounts payable d. Purchased office supplies from OfficeMax on account, $700. e. Collected cash from a customer on account, $500. f. Missy withdrew $1,900. Consulted for a new band and billed the client for services rendered, $5,800. h. Recorded the following business expenses for the month Paid office rent: $900. Paid advertising: $400. Analyze the effects of the transactions on the accounting equation of Top 40 using the format presented above

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Brinks Modern Internal Auditing A Common Body Of Knowledge

Authors: Robert R. Moeller

7th Edition

0470293039, 978-0470293034

More Books

Students also viewed these Accounting questions