Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The assets, liabilities, and owners equity accounts for Carries Accounting Firm are below: Cash Office Supplies Office Equipment Accounts Receivable Accounts Payable Carrie, Capital Carrie,

The assets, liabilities, and owners equity accounts for Carries Accounting Firm are below:

Cash

Office Supplies

Office Equipment

Accounts Receivable

Accounts Payable

Carrie, Capital

Carrie, Drawing

Professional Fees

Utility Expense

Rent Expense

Salary Expense

Transactions:

  1. Carrie invested $75,000 cash
  2. Purchased office equipment on account from Torres company on account $12,000
  3. Purchased office supplies $1000 on account
  4. Received $700 for from a client
  5. Purchased office supplies for $300
  6. Paid salaries to employees $2500
  7. Billed customer Diamond for services provided $3000
  8. Paid utility bill $600
  9. Paid rent $3000
  10. Paid $6000 to Torres company (2)
  11. Received $2000 from Diamond (7)
  12. Carrie withdrew $3000 for personal use

Set up the accounting equation and record all transactions. Show that accounting equation balances after each transaction. Prepare an income statement, statement of owners equity, and a balance sheet. Table format, account-base balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statutory Audits In Europe

Authors: Michael Kend, Giulia Leoni, Cristina Florio, Silvia Gaia

1st Edition

1032201738, 978-1032201733

More Books

Students also viewed these Accounting questions

Question

What is a modem?

Answered: 1 week ago

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago