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Sweet Acacia Doirin is the proprietor of Doirin Accounting Services. 1. Invoiced a client $418 for preparation of a budget. 2. Supplies purchased on account
Sweet Acacia Doirin is the proprietor of Doirin Accounting Services.
1. | Invoiced a client $418 for preparation of a budget. | |
2. | Supplies purchased on account for $172. | |
3. | Paid $344 for employee salaries. | |
4. | Received $246 from customer referred to in #1. | |
5. | Paid for the supplies from #2 above. | |
6. | The owner withdrew $2,150 cash for personal use. | |
7. | Received the utility bill for last month $172. | |
8. | The owner invested $1,720 cash into the business. |
For each of the following transactions, indicate the effects on the business' assets, liabilities, and owners equity. (If a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Transactions | Assets | Liabilities | Capital | Drawings | Revenue | Expenses | |||||||
1. | $ | $ | $ | $ | $ | $ | |||||||
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