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 financial summary for each of the company's first five transactions.

image text in transcribed
Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for 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 Accounts Accounts Zen, Transaction Cash Receivable + Supplies + Equipment Payable Capital + Revenues 1. $ 15, 000 + $ 0 $ 0 + $ 0 = $ 0 + $ 15, 000 $ 0 2. 15, 000 6, 000 0 0 15, 000 6,000 3 . 15, 000 + 6,000 + 14, 000 14,000 15, 090 6,000 4 . 7, 000 + 6, 000 9,000 14, 000 15, 000 15, 000 6,000 5 . 19, 000 + 6, 000 9,000 + 14, 000 = 15, 000 15 , 000 18,000 Transaction Description 1 The owner invested $15,000 cash in the business 2 The company paid $12,000 to a supplier 3 The company provided services for $6,000 cash. 4 The company provided services for $6,000 cash. 5 The company billed a customer $6,000 for services provided

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

Accounting, The Financial Chapters

Authors: Tracie Miller Nobles

12th Edition

013449041X, 9780134490410

More Books

Students also viewed these Accounting questions

Question

What is the fundamental source of electromagnetic radiation?

Answered: 1 week ago

Question

=+b) What was the purpose of using Major as a blocking factor?

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago

Question

Explain the sources of recruitment.

Answered: 1 week ago

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago

Question

Self-confidence

Answered: 1 week ago

Question

The number of people commenting on the statement

Answered: 1 week ago