Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The Business Center had the transactions listed below during the month of June TRANSACTIONS 1. Jesse Campbell started the business with a cash investment of

image text in transcribed
image text in transcribed
The Business Center had the transactions listed below during the month of June TRANSACTIONS 1. Jesse Campbell started the business with a cash investment of $57.000, 2. Purchased equipment for $20,500 on Credit 3. Performed services for $2.800 in cash 4. Purchased additional equipment for $4,300 in cash 5. Performed services for $4900 on credit 6. Paid salaries of $4,300 to employees. 7. Received $2,900 cash from charge account customers 8. Paid $11.800 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) Answer is not complete. Liabilities ) Owner's Equity Assets Accounts Receivable Cash Equipment Account Payable Jesse Campbell, Capital . Revenue Expenses S 57.000 1 2 3 4 20.500 20.500 . 2.800 (4.300 - 4,300 . I would be recorded in the accounting equation (Enter decreases to account balances with a minus sign.) Answer is not complete. Assets Owner's Equity Accounts Receivable Equipment Accounts Payable Jesse Campbell Capital Revenue Expenses 1 $ 57,000 2 3. 20.500 IT 20,500 . 2,800 (4.300 . 4.300 5 4.900- 6 - 7 (4.300) 2.900 (11.00) $42.300 (2.900) Total $ 2.000 5 24.800 (11.800) 3.700 = $ $ 0 + S 0 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

5th edition

978-1259728877, 1259728870, 978-1259565403

Students also viewed these Accounting questions

Question

Why do we forget information?

Answered: 1 week ago