4:54 1Not Secure – alphacollege.ddns.netAssignment#31. May1, Business owner Bill Doors invested$200,000 in cash and office equipment worth $48,000in the business bank account2. May1st, prepaid $14,400 cash for three monthoffice rent.3. May2nd, made credit purchase of officeequipment for $24,000 and office supplies for $48004. May6, completed services for a client and received$4000 cash.5. May9, completed a $16,000 project service for apatient, who will pay within 30 days.6. May10, paid balance owing on May2nd.7. May19, paid $12,000 cash for the annual liabilityinsurance premium8. May22, received $12,800 as partial payment forthe services done on May9.9. May25, completed consulting services for anotherclient for $5280 on account.10. May31, Bill Doors withdrew $12,400 cash forpersonal use.11. May31, purchased $1600 additional office supplieson account.II

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Description: 4:54 1Not Secure – alphacollege.ddns.netAssignment#31. May1, Business owner Bill Doors invested$200,000 in cash and office equipment worth $48,000in the business bank account2. May1st, prepaid $14,400 cash for three monthoffice rent.3. May2nd, made

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Business

Accounting

= business bank account May1st, prepaid $14,400 cash for thre e rent. May2nd, made credit purchase of offic ment for $24.000 and office supplies

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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4:54 1
Not Secure – alphacollege.ddns.net
Assignment#3
1. May1, Business owner Bill Doors invested
$200,000 in cash and office equipment worth $48,000
in the business bank account
2. May1st, prepaid $14,400 cash for three month
office rent.
3. May2nd, made credit purchase of office
equipment for $24,000 and office supplies for $4800
4. May6, completed services for a client and received
$4000 cash.
5. May9, completed a $16,000 project service for a
patient, who will pay within 30 days.
6. May10, paid balance owing on May2nd.
7. May19, paid $12,000 cash for the annual liability
insurance premium
8. May22, received $12,800 as partial payment for
the services done on May9.
9. May25, completed consulting services for another
client for $5280 on account.
10. May31, Bill Doors withdrew $12,400 cash for
personal use.
11. May31, purchased $1600 additional office supplies
on account.
II

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Based on the following data, determine the total liabilities Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase $2,713 $2,564 $2,300 $4,174 $2,891 $1,610 1,400 1,270 7,950 264 327 3,180 212 1,780 137 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $4,340 2,700 2,300 83 162 3,750 149 166 1,400 224
can somebody explain what goes on the account line, and whether or not i should debit or credit the items. Thank you
Please provide answer in text (Without image)
Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
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