Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Mary Mahoney opened a public relations firm called Goth on August 1, 2018. The following amounts summarize her business on August 31, 2018: (Click the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Mary Mahoney opened a public relations firm called Goth on August 1, 2018. The following amounts summarize her business on August 31, 2018: (Click the icon to view the amounts.) During September 2018, the business completed the following transactions: (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Goth. Analyze the events chronologically, one transaction at a time. Beginning with transaction a, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.) Carry down all balances to the "Bal" line, including zero balance accounts, entering a 'o' for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable: A/R = Accounts Receivable; Adv. - Advertising, Com. Common; Contr. - Contributed: Div. = Dividends: Exp. - Expense: Liab - Liabilities: Rev. - Revenue; Sup. - Supplies.) ASSETS LIAB EQUITY - Retained Earnings Cash . AR + Land Div A/P Adv. Rent Contr. Capital Com Stock 8,000 Office Sup 0+ Service Rev. 2.400 Exp Exp. 0 Bal 2,000 0 11,000+ 2.400 + 5,000 + --- in the restinn (Click the icon to view the transactions.) Mary Mahoney opened a public relations form called Goth on August .. anager following amounts summarize her business on August 31, 2018 ovides (Click the icon to view the amounts.) Analyze the effects of the transactions on the accounting equ 0 0 Bal. 2.000 + 2,400 + 0+ 2.400 11,000 = 0 + 5,000 + 8,000 + a + + + outside credito taxing 9. interna + Bal + + + + + b. + + + + Bal + + + + + Bal + + + The field focuses informati 4 d. Bal. + decision Mary Mahoney opened a public relations firm called Goth on August 1, 2018. The er following amounts summarize her business on August 31, 2018: es Click the icon to view the amounts.) Ball During September 2018, the business completed the Click the icon to view the transactions.) Analyze the effects of the transactions on the account de e. + itd Bal + + g 1 + nd Bal. + + + 9 Bal + eld h1 so h2. - ati Bal. on i Data Table ASSETS = LIABILITIES EQUITY Contributed Capital + Cash Accounts + Office - Land Dividends Accounts Common Payable Stock 5,000 + + $ 8,000 Retained Earnings + Service Rent Revenue Expense + $ 2,400 - Advertising Expense Receivable Supplies Bal. $ 2,000 + S 2,400 + $ 0 + $ 11.000 = $ Print Done X More Info a. b. C. d. e. Received contribution of $13,000 cash from Mary Mahoney in exchange for common stock. Performed service for a client and received cash of $1,100. Paid off the beginning balance of accounts payable. Purchased supplies from Office Max on account, $1,000. Collected cash from a customer on account, $1,900. Cash dividends of $1,800 were paid to stockholders. Consulted for a new band and billed the client for services rendered, $3,500. Recorded the following business expenses for the month: 1. Paid office rent, $800. 2. Paid advertising, $450. f. g. ar h

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

15th edition

978-0077522940

Students also viewed these Accounting questions