Required: Complete the accounting equation and journal entries for the transactions given below.Complete the following ledger accounts: Cash, Capital, Accounts receivable, Accounts payable, Supplies, Fees earned. (You do not have to balance the accounts) The following transactions appeared in the records of Canada Services (the business): C Canada, the owner, invests $20 000 cash, and a building (cost $80 000, valuation $90 000) into the business.Purchase office furniture for $7 000. $2 000 was paid in cash and the remainder on account.Canada, the owner, paid his child’s school fees for $2 500 and his water and electricity bill of $500 in cash withdrawn from the business.Canada performed electrical and plumbing services for $4 000 cash and billed the clients for $6 000 on account.Canada Services ordered and received office supplies from ABC Company, on account, for $3 000.$4 000 was received from clients for services provided by Canada Services.The business paid insurance of $1 200 cash for the whole year.The accountant issued a cash check of $1 000 to ABC Company due on account.The accountant of Canada Services calculated that $2 000 worth of supplies were unused by the Business. PLEASE USE THE ATTACHED FORMAT FOR SOLUTION Ledger Accounts:CashCapitalAccounts ReceivableAccounts PayableSuppliesFees Earned Journal entries:NoAccountDrCrThe accounting equation:Owner's EquityName of AccountAssetsLiabilitiesNoName of AccountName of AccountIncreaseDecreaseIncreaseDecreaseIncreaseDecreaseEg.CashFuel$000$0002

Name: Required: Complete the accounting equation and journal entries for the
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Description: Required: Complete the accounting equation and journal entries for the transactions given below.Complete the following ledger accounts: Cash, Capital, Accounts receivable, Accounts payable, Supplies, Fees earned. (You do not have to balance the accou

No. Assets Liabilities Stockholder's equity Name of the account Name of account Name of…

Answered: C Canada, the owner, invests $20 000…

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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Complete the accounting equation and journal entries for the transactions given below.
Complete the following ledger accounts: Cash, Capital, Accounts receivable, Accounts payable, Supplies, Fees earned. (You do not have to balance the accounts)

The following transactions appeared in the records of Canada Services (the business):

C Canada, the owner, invests $20 000 cash, and a building (cost $80 000, valuation $90 000) into the business.
Purchase office furniture for $7 000. $2 000 was paid in cash and the remainder on account.
Canada, the owner, paid his child’s school fees for $2 500 and his water and electricity bill of $500 in cash withdrawn from the business.
Canada performed electrical and plumbing services for $4 000 cash and billed the clients for $6 000 on account.
Canada Services ordered and received office supplies from ABC Company, on account, for $3 000.
$4 000 was received from clients for services provided by Canada Services.
The business paid insurance of $1 200 cash for the whole year.
The accountant issued a cash check of $1 000 to ABC Company due on account.
The accountant of Canada Services calculated that $2 000 worth of supplies were unused by the Business.

PLEASE USE THE ATTACHED FORMAT FOR SOLUTION

Ledger Accounts:
Cash
Capital
Accounts Receivable
Accounts Payable
Supplies
Fees Earned

Journal entries:
No
Account
Dr
Cr
The accounting equation:
Owner's Equity
Name of Account
Assets
Liabilities
No
Name of Account
Name of Account
Increase
Decrease
Increase
Decrease
Increase
Decrease
Eg.
Cash
Fuel
$000
$000
2

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