Question
Record the following transactions in the expanded accounting equation for the Bing Company. Note that all titles have a beginning balance. 1. Receive cash revenue,
Record the following transactions in the expanded accounting equation for the Bing Company. Note that all titles have a beginning balance.
1. Receive cash revenue, $4,000.
2. Billed customers for services rendered, $6,000.
3. Received a bill for telephone expenses (to be paid next month), $125
4. Bob Bing withdrew cash for personal use, $500.
5. Received $1,000 from customers in partial payment for services performed in Transaction 2.
| BING COMPANY | ||||||||||||||
| ASSETS | = | LIABILITIES+ OWNER'S EQUITY | ||||||||||||
| Accounts | Cleaning | Accounts | B. Bing | B. Bing | ||||||||||
| Cash | + | Receivable | + | Equipment | = | Payable | + | Capital | - | Withdr. | + | Revenue | - | Expenses |
| $9,000 | + | $2,500 | + | $6,500 | = | $1,000 | + | $11,800 | - | $800 | + | $8,000 | - | $2,000 |
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Extreme Financial Risks From Dependence To Risk Management
Authors: Yannick Malevergne, Didier Sornette
1st Edition
354027264X, 3540272666, 9783540272649, 9783540272663
