eri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets = Liabilities + Owner's Equity Cash + Supplies + Land = Accounts Payable + Kristoff Walker, Capital - Kristoff Walker, Drawing + Fees Earned - Expenses Bal. 42,700 5,600 106,800 11,500 143,600 1. +50,000 +50,000 2. -21,400 +21,400 3. -37,100 -37,100 4. +2,100 +2,100 5. -2,900 -2,900 6. -10,200 -10,200 7. -4,300 -4,300 Bal. 21,100 3,400 128,200 3,400 143,600 -2,900 50,000 -41,400 a. (1) Select the description for transaction 1. Provided catering services for cash. a. (2) Select the description for transaction 2. Purchase of land for cash. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. a. (5) Select the description for transaction 5. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7. b. What is the amount of the net decrease in cash during the month? $fill in the blank 8 c. What is the amount of the net increase in owner's equity during the month? $fill in the blank 9 d. What is the amount of the net income for the month? $fill in the blank 10 e. How much of the net income for the month was retained in the busine

Name: Teri West operates his own catering service. Summary financial data fo
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Description: Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equi

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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Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.

	Assets	=	Liabilities +		Owner's Equity
	Cash + Supplies + Land	=	Accounts Payable	+	Kristoff Walker, Capital	-	Kristoff Walker, Drawing	+	Fees Earned	-	Expenses
Bal.	42,700	5,600	106,800		11,500		143,600
1.	+50,000										+50,000
2.	-21,400		+21,400
3.	-37,100											-37,100
4.		+2,100			+2,100
5.	-2,900								-2,900
6.	-10,200				-10,200
7.		-4,300										-4,300
Bal.	21,100	3,400	128,200		3,400		143,600		-2,900		50,000	-41,400

a. (1) Select the description for transaction 1.

Provided catering services for cash.

a. (2) Select the description for transaction 2.

Purchase of land for cash.

a. (3) Select the description for transaction 3.

a. (4) Select the description for transaction 4.

a. (5) Select the description for transaction 5.

a. (6) Select the description for transaction 6.

a. (7) Select the description for transaction 7.

b. What is the amount of the net decrease in cash during the month?
$fill in the blank 8

c. What is the amount of the net increase in owner's equity during the month?
$fill in the blank 9

d. What is the amount of the net income for the month?
$fill in the blank 10

e. How much of the net income for the month was retained in the busine

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