Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 7.00

Alice Stern

This exercise is an extension of Exercise 2-3A. Assume Alice Stern completed the following additional transactions during February. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance.
(e) Received cash from a client for professional services, $2,500.
(f) Paid office rent for February, $900.
(g) Paid February telephone bill, $73.
(h) Withdrew cash for personal use, $500.
(i) Performed services for clients on account, $1,000.
(j) Paid wages to part-time employee, $600.
(k) Received cash for services performed on account in transaction (i), $600.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 11:08 AM My Price 7.00

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