Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Business Center had the transactions listed below during the month of June. TRANSACTIONS Jesse Campbell started the business with a cash investment of $

The Business Center had the transactions listed below during the month of June.
TRANSACTIONS
Jesse Campbell started the business with a cash investment of $58,000.
Purchased equipment for $21,000 on credit.
Performed services for $2,900 in cash.
Purchased additional equipment for $4,400 in cash.
Performed services for $4,950 on credit.
Paid salaries of $4,350 to employees.
Received $3,000 cash from charge account customers.
Paid $12,200 to a creditor on account.
Show how each transaction would be recorded in the accounting equation. (Enter decreases to account balances with a minus sign.)
\table[[,Assets,=,\table[[Llabilities],[Accounts],[Payable]],\table[[+],[+]],Owner's Equity],[,Cash,+,\table[[Accounts],[Receivable]],+,Equipment,\table[[Jesse],[Campbell,],[Capital]],+,Revenue,-,Expenses],[1.,,+,,+1,,=,,+,,+,,-,],[2.,,+,,+,,=,,+,,+,,-,],[3.,,+,,+,,=,,+,,+,,-,],[4.,,+,,+,,=,,+,,+1,,-,],[5.,,+,,+,,=,,+,,+,,-,],[6.,,+,,+,,=,,+1,,+,,-,],[7.,,+,,+,,=,,+,,+,,-,],[8.,,+,,+,,=,,+,,+,,-,],[Totals,,+,,+,,=,,+,,+,,-,]]
image text in transcribed

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

Step: 3

blur-text-image

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

Computerized Accounting With QuickBooks 2014

Authors: Kathleen Villani, James B. Rosa, Blanche Ettinger

1st Edition

0763860239, 9780763860233

More Books

Students also viewed these Accounting questions