Answered step by step
Verified Expert Solution
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.
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 Accounts Office office +Receivable Supplies + Furniture Transaction Cash 2. $ 5,000 + $ e + $ + $ 2. 3. 15,000 + 15,000 + e + + 10,000 + + 4. 9,000 + 5. 53,000+ 10,000 + 10,000 7,000 7,000 + Liabilities + Equity Accounts Payable Zen, +Capital + Revenues 0 $ 0 + + $ 5,000 + 5,000 + $ 0 10,000 0 + 5,000 + 20,000 1,000 1,000 5,000 + 20,000 49,000 + 20,000 Transaction Description The owner invested $5,000 cash in the business 2 The company received $5,000 cash from a bank loan. 3. The owner invested $5,000 cash in the business. 4. The company billed a customer $1,000 for services provided. 5 The company provided services for $10,000 cash.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started