Mailin Moon is a freelance writer who submits articles to various magazines and newspapers She operates out of a small office where she employs one administrative assistant The following activities occurred during March 2020, her first month of business Moon invested $2,500 worth of equipment into her business along with $3,000 cash Submitted a series of articles to The Globe and Mail and received $6,500 cash Purchased supplies on credit $600 Paid the part time administrative assistants salary of $1,450 Moon ordered $3,000 of office equipment from the IKEA catalogue It is scheduled to arrive in April or May Paid the rent for the first month $1,400 Submitted an article to Report on Business will receive $4,500 next month Show the effects of the activities listed in (a) through (g) For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, rent expense, and salaries expense) ( Enter all amounts as positive values If the transaction event does not affect equity or do not require a journal entry, select No Affect on Equity in the 'Explanation of equity transaction' field )

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Posted on Sep 09, 2024

Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one

Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one administrative assistant. The following activities occurred during March 2020, her first month of business:

Moon invested $2,500 worth of equipment into her business along with $3,000 cash.
Submitted a series of articles to The Globe and Mail and received $6,500 cash.
Purchased supplies on credit; $600.
Paid the part-time administrative assistants salary of $1,450.
Moon ordered $3,000 of office equipment from the IKEA catalogue. It is scheduled to arrive in April or May.
Paid the rent for the first month; $1,400.
Submitted an article to Report on Business; will receive $4,500 next month.

Show the effects of the activities listed in (a) through (g). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, rent expense, and salaries expense). (Enter all amounts as positive values. If the transaction/event does not affect equity or do not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.)