Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marisa Sage eperates an interior denipn tikfo called Snge Design Studo. The following amounts summarize the financial position of the business on Apri 30 ;

image text in transcribed
image text in transcribed
image text in transcribed
Marisa Sage eperates an interior denipn tikfo called Snge Design Studo. The following amounts summarize the financial position of the business on Apri 30 ; 2000 (click the icon to view the financial position.) During Mixy 2020, the compary did the following (Click the icon to view the transactions.) Pogusind Requirement 1. Analye the effects of the above transactions on the accounting equation of Sage Design Studio. Compiete an analysis of the transactions for each letter shown, and then total the belance of each account at the bottom. (If a box is not used in the transaction, Ieave the box empty; do not select a fabel or enter a rero. Enter decreases with a ainus sign or parentheses.) Financial Position a. Sage recelved $30,000 as a gitt and deposited the cash in the business bank account. b. Paid the beginning balance of accounts payable. c. Performed services for a client and recelved cash of $6,000. d. Collected cash from a customer on account, $4,600. e. Purchased supplies on account, $4,400. f. Consulted on the interior design of a major office building and billed the client for services rendered, $30,000. 9. Recorded the following business expenses for the month: (1) Paid office assistants their sataries for the month, $7,600. (2) Paid advertising $4,800. h. Sold supplies to another interior designer for $1,400 cash. which was the cost of the supplies. 1. Sage witharew $8,000 cash for personal use

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

Audit Customer Satisfaction Marketing Added Value

Authors: Cindy E. Cosmas

1st Edition

089413373X, 978-0894133732

More Books

Students also viewed these Accounting questions

Question

Which form of proof do you find least persuasive? Why?

Answered: 1 week ago