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Category > Accounting Posted 24 Sep 2017 My Price 6.00

Matilda Crone

Using the accounting equation for transaction analysis

Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2012:

 

   

Assets

    

= Liabilities

+ Owner"s equity

Date

Cash

+ Accounts receiveable

+ Supplies

+ Land

=Accounts payable

+ Crone,capital

Bal

2,300

1,800

0

14,000

8,000

10,100

 

During September 2012, the business completed the following transactions:

a. Gave capital to Crone and received cash of $13,000.

b. Performed service for a client and received cash of $900.

c. Paid off the beginning balance of accounts payable.

d. Purchased supplies from OfficeMax on account, $600.

e. Collected cash from a customer on account, $700.

f. Received cash of $1,600 and gave capital to owner.

g. Consulted for a new band and billed the client for services rendered, $5,500.

h. Recorded the following business expenses for the month:

1. Paid office rent, $1,200.

2. Paid advertising, $600.

i. Returned supplies to OfficeMax for $110 from item d, which was the cost of the supplies.

j. Crone withdrew cash of $2,000.

 

Requirement

1. Analyze the effects of the preceding transactions on the accounting equation of

Dance Fever. Adapt the format to that of Exhibit 1-6.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 07:09 PM My Price 6.00

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