Question
Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction
Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Owners Equity Accounts Accounts Seth Feye, Seth Feye, Fees Salaries Rent Auto Supplies Misc. Cash Receivable + Supplies = Payable + Capital - Drawing + Earned - Expense - Expense - Expense - Expense - Expense a. +50,000 +50,000 b. +7,000 +7,000 Bal. 50,000 7,000 7,000 50,000 c. -3,600 -3,600 Bal. 46,400 7,000 3,400 50,000 d. +110,000 +110,000 Bal. 156,400 7,000 3,400 50,000 110,000 e. -33,000 -33,000 Bal. 123,400 7,000 3,400 50,000 110,000 -33,000 f. -20,800 -16,000 -4,800 Bal. 102,600 7,000 3,400 50,000 110,000 -33,000 -16,000 -4,800 g. -55,000 -55,000 Bal. 47,600 7,000 3,400 50,000 110,000 -55,000 -33,000 -16,000 -4,800 h. -4,500 -4,500 Bal. 47,600 2,500 3,400 50,000 110,000 -55,000 -33,000 -16,000 -4,500 -4,800 i. +34,500 +34,500 Bal. 47,600 34,500 2,500 3,400 50,000 144,500 -55,000 -33,000 -16,000 -4,500 -4,800 j. -15,000 -15,000 Bal. 32,600 34,500 2,500 3,400 50,000 -15,000 144,500 -55,000 -33,000 -16,000 -4,500 -4,800
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