Maurice Tutor

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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 06 Aug 2017 My Price 9.00

Mark Kotsay & Co.,

Exercise 1-8
An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $651for rent, $4,100for salaries and wages, and $364for utilities.
   
Cash
+ Accounts
Receivable
+ Supplies + Equipment = Accounts
Payable
+ Owner’s
Capital
– Owner’s
Drawings
+
Revenues
–
Expenses
1.   $14,683                   $14,683            
2.   –3,337           $5,947   $2,610                
3.   –652       $652                        
4.   5,608   $3,295                       $8,903    
5.   –1,625               –1,625                
6.   –2,728                       –$2,728        
7.   –651                               –$651
8.   436   –$436                            
9.   –4,100                               –4,100
10.                   364               –364
 
(b) and (c)
Your answer is incorrect. Try again.
   
(1) Determine how much owner’s equity increased for the month.
Increase in owner’s equity   $

(2) Compute the amount of net income for the month.
Net income   $

 

Answers

(5)
Status NEW Posted 06 Aug 2017 12:08 AM My Price 9.00

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