M Inbox-sgrav40 x m Course: Office FX My Home CengageNOWv2 x Analyzing Trans x MindTap - Ceng X redshelf.com/ap x Paraphrasing To x + S v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Chapter 2 Homework eBook Print Item Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $18,000. b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account. c. Paid one-year insurance premium, $1,200. d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300. f. Paid office rent for the month, $750. g. Withdrew cash for personal use, $100. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets = Liabilities + Owner's Equity (Items Owned) (Amts. Owed) (Owner's Investment) (Earnings) J. J. Cash + Accounts Receivable + Office Supplies Prepaid Insurance = Accounts Payable + Pembroke, Capital Pembroke, + Revenues Drawing Expenses Description a. 18,000 b. C. Check My Work Previous Next M Inbox-sgrav40 x m Course: Office FX My Home CengageNOWv2 x Analyzing Trans x MindTap - Ceng X redshelf.com/ap x Paraphrasing To x + S v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Chapter 2 Homework eBook Print Item Assets Liabilities + Owner's Equity (Amts. (Items Owned) Owed) (Owner's Investment) (Earnings) J. J. Cash + Accounts Receivable + Office Supplies Prepaid Insurance = Accounts Payable + Pembroke, Capital Pembroke, + Revenues Expenses Drawing Description a. 18,000 b. C. d. e. f. 9. Bal. Demonstrate that the accounting equation has remained in balance. Cash Accounts receivable Office supplies Check My Work + Previous Next M Inbox-sgrav40 x m Course: Office FX My Home CengageNOWv2 x Analyzing Trans x MindTap - Ceng X redshelf.com/ap x v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paraphrasing To x + S < Chapter 2 Homework 9. Bal. eBook Print Item Demonstrate that the accounting equation has remained in balance. Cash Accounts receivable Office supplies Prepaid insurance Total Assets Accounts payable Jay Pembroke, capital Jay Pembroke, drawing Service fees Rent expense Total Liabilities and Owner's Equity Feedback Check My Work These bania munatiana mint ha manunund whan sonlumina the affante of a huminnan kunnanation on the mammuntina amuntion These unatiana hala addenna tha stans in the mammunt Check My Work Previous Next