Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Maryssa Mitchell opened a public relations firm called Goth on August 1, 2024. The following amounts summarize her business on August 31, 2024 : ****Please

Maryssa Mitchell opened a public relations firm called Goth on August 1, 2024. The following amounts summarize her business on August 31, 2024 : ****Please respond as soon as possible*** many prior questions has not been responded too

image text in transcribedimage text in transcribed 1. Maryssa Mitchell opened a public relations firm called Goth on August 1, 2024. The following amounts summarize her business on August 31, 2024: During September 2024, the business completed the following transactions: a. Received contribution of $12,000 cash from Maryssa Mitchell in exchange for common stock. b. Performed service for a client and received cash of $1,100. c. Paid off the beginning balance of accounts payable. d. Purchased supplies from OfficeMax on account, $700. e. Collected cash from a customer on account, $2,100. f. Cash dividends of $1,300 were paid to stockholders. g. Consulted for a new band and billed the client for services rendered, $6,500. h. Recorded the following business expenses for the month: 1. Paid office rent, $600. 2. Paid advertising. $650. Analyze the effects of the transactions on the accounting equation of Goth. The beginning balances given in the question have been entered for you. 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 "0" 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.)

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

Financial Accounting For Executives And MBAs

Authors: Ferris & Wallace

2nd Edition

1934319627, 978-1934319628

More Books

Students also viewed these Accounting questions