Question
Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog
Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog services. The June transactions for Vivid Voice resulted in totals at June 30, 2023, as shown in the following accounting equation format:
Assets | = | Liabilities | + | Equity | ||||||||
Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Natalie Gold,Capital | Explanation of Equity Transaction | |
$6,600 | + | $1,800 | + | $2,500 | + | $7,100 | = | $4,600 | + | $13,400 | ||
During July, the following occurred:
- Collected $860 from a credit customer.
- Paid $2,800 for equipment purchased on account in June.
- Did work for a client and collected cash; $1,700.
- Paid a part-time consultants wages; $1,010.
- Paid the July rent; $1,800.
- Paid the July utilities; $900.
- Performed services for a customer on credit; $1,900.
- Called an information technology consultant to fix the agencys photo editing software in August; it will cost $410.
1. Show the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, expenses provided in the dropdown). (Enter all amounts as positive values. If the transaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.)
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