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Ch. 1-Analyzing Transactions Classwork M4 Engineering opened on January 1 of the current year and completed the following transactions during the month. Analyze the transactions to determine the accounts being used, the types of accounts, whether the account has been increased or decreased and the Impact on the accounting equation (A=L+E.) 1. Opened a business bank account with a deposit of $100,000 in exchange for common stock. Accounts Type Increase/Decrease Assets Increase Decrease No Change Increase 2. Purchased supplies on account, $8,000. Accounts Type Increase/Decrease Assets =Liabilities Increase Decrease No Change Increase Decrease No Change 3. Received cash from fees earned on engineering services, $25,000. Accounts Type Increase/Decrease Assets Increase Decrease No Change Increase 4. Paid wages of $2,500. Accounts Type Increase/Decrease Accounts Type =Liabilities Decrease No Change Assets - Liabilities Increase Decrease No Change Increase Decrease No Change 5. Paid creditors on account, $8,000. Increase/Decrease Assets Increase Decrease No Change Increase =Liabilities Decrease No Change = Liabilities Decrease No Change +Stockholders' Equity Increase Decrease No Change +Stockholders' Equity Decrease No Change Increase Stockholders' Equity Increase Decrease No Change +Stockholders' Equity Increase Decrease No Change +Stockholders' Equity Increase Decrease No Change M4 Engineering's Chart of Accounts Common Stock Dividends Cash Accounts Receivable Office Equipment Accumulated Depreciation Supplies Prepaid Rent Accounts Payable Wages Payable Unearned Revenue Fees Earned Depreciation Expense Rent Expense Supplies Expense Utilites Expense Wages Expense

Ch. 1-Analyzing Transactions Classwork M4 Engineering opened on January 1 of the current year and completed the following transactions during the month. Analyze the transactions to determine the accounts being used, the types of accounts, whether the account has been increased or decreased and the Impact on the accounting equation (A=L+E.) 1. Opened a business bank account with a deposit of $100,000 in exchange for common stock. Accounts Type Increase/Decrease Assets Increase Decrease No Change Increase 2. Purchased supplies on account, $8,000. Accounts Type Increase/Decrease Assets =Liabilities Increase Decrease No Change Increase Decrease No Change 3. Received cash from fees earned on engineering services, $25,000. Accounts Type Increase/Decrease Assets Increase Decrease No Change Increase 4. Paid wages of $2,500. Accounts Type Increase/Decrease Accounts Type =Liabilities Decrease No Change Assets - Liabilities Increase Decrease No Change Increase Decrease No Change 5. Paid creditors on account, $8,000. Increase/Decrease Assets Increase Decrease No Change Increase =Liabilities Decrease No Change = Liabilities Decrease No Change +Stockholders' Equity Increase Decrease No Change +Stockholders' Equity Decrease No Change Increase Stockholders' Equity Increase Decrease No Change +Stockholders' Equity Increase Decrease No Change +Stockholders' Equity Increase Decrease No Change M4 Engineering's Chart of Accounts Common Stock Dividends Cash Accounts Receivable Office Equipment Accumulated Depreciation Supplies Prepaid Rent Accounts Payable Wages Payable Unearned Revenue Fees Earned Depreciation Expense Rent Expense Supplies Expense Utilites Expense Wages Expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ch. 1-Analyzing Transactions Classwork M4 Engineering opened on January 1 of the current year and completed the following transactions during the month. Analyze the transactions to determine the accounts being used, the types of accounts, whether the account has been increased or decreased and the Impact on the accounting equation (A=L+E.) 1. Opened a business bank account with a deposit of $100,000 in exchange for common stock. Accounts Type Increase/Decrease Assets Liabilities Increase Decrease No Change Increase Decrease No Change 2. Purchased supplies on account, $8,000. Accounts Type Increase/Decrease Assets =Liabilities Increase Decrease No Change Increase Decrease No Change 3. Received cash from fees earned on engineering services, $25,000. Accounts Type Increase/Decrease Accounts Type Assets =Liabilities Stockholders' Equity Increase Decrease No Change Increase Decrease No Change Increase Decrease No Change 4. Paid wages of $2,500. Increase/Decrease 5. Pald creditors on account, $8,000. Assets =Liabilities Stockholders' Equity Increase Decrease No Change Increase Decrease No Change Increase Decrease No Change Accounts Type Increase/Decrease +Stockholders' Equity Increase Decrease No Change = Liabilities Increase Decrease No Change +Stockholders' Equity Increase Decrease No Change Assets Increase Decrease No Change Increase + Stockholders' Equity Increase Decrease No Change M4 Engineering's Chart of Accounts Common Stock Dividends Cash Accounts Receivable Office Equipment Accumulated Depreciation Supplies Prepaid Rent Accounts Payable Wages Payable Unearned Revenue Fees Earned Depreciation Expense Rent Expense Supplies Expense Utilites Expense Wages Expense
Transcribed Image Text:Ch. 1-Analyzing Transactions Classwork M4 Engineering opened on January 1 of the current year and completed the following transactions during the month. Analyze the transactions to determine the accounts being used, the types of accounts, whether the account has been increased or decreased and the Impact on the accounting equation (A=L+E.) 1. Opened a business bank account with a deposit of $100,000 in exchange for common stock. Accounts Type Increase/Decrease Assets Liabilities Increase Decrease No Change Increase Decrease No Change 2. Purchased supplies on account, $8,000. Accounts Type Increase/Decrease Assets =Liabilities Increase Decrease No Change Increase Decrease No Change 3. Received cash from fees earned on engineering services, $25,000. Accounts Type Increase/Decrease Accounts Type Assets =Liabilities Stockholders' Equity Increase Decrease No Change Increase Decrease No Change Increase Decrease No Change 4. Paid wages of $2,500. Increase/Decrease 5. Pald creditors on account, $8,000. Assets =Liabilities Stockholders' Equity Increase Decrease No Change Increase Decrease No Change Increase Decrease No Change Accounts Type Increase/Decrease +Stockholders' Equity Increase Decrease No Change = Liabilities Increase Decrease No Change +Stockholders' Equity Increase Decrease No Change Assets Increase Decrease No Change Increase + Stockholders' Equity Increase Decrease No Change M4 Engineering's Chart of Accounts Common Stock Dividends Cash Accounts Receivable Office Equipment Accumulated Depreciation Supplies Prepaid Rent Accounts Payable Wages Payable Unearned Revenue Fees Earned Depreciation Expense Rent Expense Supplies Expense Utilites Expense Wages Expense
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