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S1-9 (book/static) Turtle Creek Kennel earns service revenue by caring for the pets of customers. Turtle Creek Kennel is owned and operated by Ethan Martin.
S1-9 (book/static) Turtle Creek Kennel earns service revenue by caring for the pets of customers. Turtle Creek Kennel is owned and operated by Ethan Martin. During the past month, Turtle Creek Kennel has the following transactions: A (Click the icon to view the Turtle Creek Kennel transactions.) Indicate the effects of the business transactions on the accounting equation for Turtle Creek Kennel. Transaction (a) is answered as a guide. a. Received $320 cash for service revenue earned. i Increase equity (Service Revenue) (Cash) a. Increase asset b. Paid $125 cash for salaries expense. b. More Info a. Received $320 cash for service revenue earned. b. Paid $125 cash for salaries expense. c. Ethan contributed $1,000 to the business in exchange for capital. d. Earned $440 for service revenue, but the customer has not paid Turtle Creek Kennel yet. e. Received utility bill of $65, which will be paid next month. f. Ethan withdrew $80 cash. Print Done Consider the following accounts: (Click the icon to view the accounts.) Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, OE for Statement of Owner's Equity, and B for Balance Sheet. (Leave unused cells blank.) a. Accounts Payable b. Cash C. Owner's Capital B d. Accounts Receivable | e. Rent Expense OE f. Service Revenue g. Office Supplies Owner's Withdrawal h. i. Land j. Salaries Expense
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