View Policies Current Attempt in Progress -/10 Patricia Johnson recently started a business, Johnson Events, that will provide promotion and advertising for fund raising events hosted by charities. She will operate the business as a proprietorship. The first month's transactions are listed below: 1 Invests $5,200 in the business out of her personal savings. 2. Transfers equipment valued at $3,200 to the business. 3. Purchases supplies for $420 cash. 4. Pays $570 for wages to an assistant. 5. Completes advertising brochures for a client, who pays $720 for the service. Advertisements for Johnson Events are run in the local newspaper at a cost of $620 on account. 6. 7. Provides services totaling $1,400 for several clients - one client whose bill is $220 pays cash, the remainder are on account. 8. Pays the amount owing to the newspaper for the advertisements described in 6. 9. Half the amount receivable from customers is collected. 10. Purchases additional equipment for $470, cash. 11. Withdraws $320 for personal use. (a) and (b) For each of the above items, determine the accounts that will be affected, record each transaction in the table provided and set up the headings in the order of the accounting equation. (If a transaction results in 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.) Equ Transaction L 2. 3. A. 5. 6. 9 7. 8 $ Cash A/R Supplies $ For each of the above items, determine the accounts that will be affected, record each transaction in the table provided and set up the headings in the order of the accounting equation. (If a transaction results in 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.) Equipment Accounts payable P.Johnson, Capital P. Johnson, Drawi $ Question 10 of 13 < > -/10 mnesenu und naceu nunn avain nina in sesesnudante annun P.Johnson, Capital P. Johnson, Drawings $ Revenue Expenses $ Question 10 of 13 7. 8. 9. 10. < > 11. $ $ Totals $ eTextbook and Media Save for Later -/10 Attempts: 0 of 3 used Submit