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Category > Accounting Posted 20 Jun 2017 My Price 13.00

The Flower Shop

The Flower Shop began business in February. Several transactions which occurred in the first month are described below. Indicate the effect of each transaction on the accounting equation (A = L + OE), be sure to indicate which account was affected and how.

  1. February 1: Investors provided cash of $35,000 to the business
  2. February 2: Rent of $800 was paid for the month of February.
  3. February 7: Equipment with a cost of $1,500 was purchased on credit: payment is due within 30 days.
  4. A $375 purchase of merchandise inventory is made on February 12, terms 2/10, n/30, FOB Destination. (2 marks)
  5. On February 13, freight charges worth $50 related to the February 12 transaction were paid by the appropriate party. (2 marks)
  6. February 14: Bills totaling $2,700 were presented to customers for flower arrangements created and delivered; $1,450 was received in cash immediately; the balance of $1,250 is due within 10 days.
  7. On February 21, The Flower Shop paid the invoice related to the February 12 transaction. (2 marks)
  8. February 18: Full payment was made for the equipment purchased on February 7.
  9. February 22: Payment in full was received from customers with balances due from February 14.
  10. February 28: Employee salaries of $1,650 were paid.

Answers

SuperTutor
(15)
Status NEW Posted 20 Jun 2017 05:06 AM My Price 13.00

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