Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Zen began a new consulting firm on January 5. The accounting equation showed the following balances after each of the company's first five transactions. Analyze

image text in transcribed
Zen began a new consulting firm on January 5. The accounting equation showed the following balances after each of the company's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description Assets Liabilities: Equity Transaction 1. 2. 3. Cash $ 40,000 40,000 40,000 46,000 38,000 Accounts Office Office + Receivable + Supplies - Furniture $ 0 $ + $ 0 6,000 G 6,000 8,000 6,000 0 . 8,000 6,000 0 - 16,000 Accounts Payable $ 0 8,000 8,000 8,000 Connon Stock + + $ 40,000+ 40,000+ 40,000 40,000+ 40,000+ Revenues $ 0 6,000 6,000 12,000 12,000 5. Transaction Description 1 2 3 4 5 The company billed a customer $6,000 for services provided. The company paid its supplier $6,000 for services provided The company provided services for $6,000 cash. The company purchased equipment for $8,000 cash

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

ACCA Financial Accounting Study Text 2020 21

Authors: Emile Woolf International

1st Edition

1848439210, 978-1848439214

More Books

Students also viewed these Accounting questions

Question

???? Describe how real GDP has changed over time

Answered: 1 week ago