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An analysis of the transactions made by Monty Corp., a certified public accounting firm, for the month of August is shown below. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cash +$16,000 -3,000 --650 +5,700 -1,500 -2,800 -600 +350 -4,600 Accounts Receivable Supplies +$3,600 -350 +$650 Accounts Equipment - Payable +$5,000 +$2,000 -1.500 +350 Common + Stock +$16,000 Revenues +$9,300 Expens -$6 -4,6 -3

An analysis of the transactions made by Monty Corp., a certified public accounting firm, for the month of August is shown below. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cash +$16,000 -3,000 --650 +5,700 -1,500 -2,800 -600 +350 -4,600 Accounts Receivable Supplies +$3,600 -350 +$650 Accounts Equipment - Payable +$5,000 +$2,000 -1.500 +350 Common + Stock +$16,000 Revenues +$9,300 Expens -$6 -4,6 -3

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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An analysis of the transactions made by Monty Corp., a certified public accounting firm, for the month of August is shown below. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cash +$16,000 -3,000 -650 +5,700 -1,500 -2,800 -600 +350 -4,600 Accounts Receivable +$3,600 -350 Show Transcribed Text Net income $ Increase in stockholders' equity Supplies +$650 + (c) Compute the amount of net income for the month. Equipment (b) Determine how much stockholders' equity increased for the month. +$5,000 W Accounts Payable +$2,000 -1,500 +350 + Common Stock +$16,000 + Revenues +$9,300 Expens -$6 -4,6
Transcribed Image Text:An analysis of the transactions made by Monty Corp., a certified public accounting firm, for the month of August is shown below. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cash +$16,000 -3,000 -650 +5,700 -1,500 -2,800 -600 +350 -4,600 Accounts Receivable +$3,600 -350 Show Transcribed Text Net income $ Increase in stockholders' equity Supplies +$650 + (c) Compute the amount of net income for the month. Equipment (b) Determine how much stockholders' equity increased for the month. +$5,000 W Accounts Payable +$2,000 -1,500 +350 + Common Stock +$16,000 + Revenues +$9,300 Expens -$6 -4,6
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