Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transactions: 1. Owner invested additional cash in the business, $5,000. 2. Paid the telephone bill, $600. 3. Wrote a check to a creditor as

 

Transactions: 1. Owner invested additional cash in the business, $5,000. 2. Paid the telephone bill, $600. 3. Wrote a check to a creditor as partial payment on account, $500. 4. Bought supplies on account, $150. 5. Received a check for accounting services, $300. 8. Owner invested office equipment in the business, $2,500. 7. Completed accounting services and agreed to accept payment later, $900. 8. Withdrew cash from the business for personal use, $2,000. 9. Received a check as partial payment on account, $450. Tracy Migre, a certified public accountant, has completed the above transactions. Ms. Migre's assets, liabilities, and owner's equity account titles and balances are shown in the table. Use the table to show the effect of each transaction. (Negative amounts should be indicated by a minus sign. Leave no cells blank-be certain to enter "0" wherever required. Omit the "S" sign in your response.) Beg. Bal 1. New Bal 2- New Bal 1 3. 1. New Bal 4 New Bal 5 $ $ $ $ S Cash in Bank 5,000 $ 5000 10000 $ $ an Accounts Receivable 900 0 $ 900 $ $ 59 $ $ Equipment. 14,000 0 14000 $ $ $ 49 $ Supplies 1,500 0 1500 $ $ $ $ Accounts Payable 3,000 0 3000 $ $ $ 5 T. Migre, Capital 18,400 5000 23,400

Step by Step Solution

3.47 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

Beg Bal 1 New Bal 2 New Bal 3 New Bal 4 New Bal 5 New Bal 6 New ... 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

College Accounting

Authors: Heintz and Parry

20th Edition

1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192

More Books

Students also viewed these Accounting questions

Question

What information is provided by the daily time sheet?

Answered: 1 week ago