Learning Objective 4 > Problems Pl-47B Using the accounting equation Cash $8,150 EQUITY Advertising Expense Rent - + Service ASSETS Cash + Accounts + Clifford, Withdrawals Revenue Expense LIABILITIES + Office + Supplies Clifford, - Capital Land Accounts + $2,500 Receivable Fal. $2,100 + $2,500 Payable $7,100 $0 +$11,000 $6,000 During September 2016, the business completed the following transactions: a. Meg Clifford contributed $13,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,000. g bloz e. Collected cash from a customer on account, $1,500. f. Meg withdrew $1,900. g. Consulted for a new band and billed the client for services rendered, $6,000. h. Recorded the following business expenses for the month: Paid office rent: $1,400. bist Paid advertising: $350. Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above.

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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70 chapter 1
Learning Objective 4
> Problems Group B
August 1, 2016.
P1-49
amounts summarize her business on August 31, 2016:
EQUITY
Cash $8,150
The following
Lar
Advertising
Expense
Rent
+ Service
ASSETS
Cash + Accounts + Office + Land
LIABILITIES +
Clifford,
Clifford,
Capital
Withdrawals Revenue Expense
Accounts +
Receivable
Bal. $2,100+ $2,500
+ $2,500
Supplies
Payable
$7,100
$0
+$11,000
$6,000
During September 2016, the business completed the following transactions:
a. Meg Clifford contributed $13,000 cash in exchange for capital.
b. Performed service for a client and received cash of $1,200.
C. Paid off the beginning balance of accounts payable.
d. Purchased office supplies from OfficeMax on account, $1,000.
oag bloz
e. Collected cash from a customer on account, $1,500.
f. Meg withdrew $1,900.
g. Consulted for a new band and billed the client for services rendered, $6,000.
h. Recorded the following business expenses for the month:
Paid office rent: $1,400.
bist
Paid advertising: $350.
Analyze the effects of the transactions on the accounting equation of Dance Fever
using the format presented above.
Learning Objective 4
P1-48R Using tho
CHAPTER
Transcribed Image Text:70 chapter 1 Learning Objective 4 > Problems Group B August 1, 2016. P1-49 amounts summarize her business on August 31, 2016: EQUITY Cash $8,150 The following Lar Advertising Expense Rent + Service ASSETS Cash + Accounts + Office + Land LIABILITIES + Clifford, Clifford, Capital Withdrawals Revenue Expense Accounts + Receivable Bal. $2,100+ $2,500 + $2,500 Supplies Payable $7,100 $0 +$11,000 $6,000 During September 2016, the business completed the following transactions: a. Meg Clifford contributed $13,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. C. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,000. oag bloz e. Collected cash from a customer on account, $1,500. f. Meg withdrew $1,900. g. Consulted for a new band and billed the client for services rendered, $6,000. h. Recorded the following business expenses for the month: Paid office rent: $1,400. bist Paid advertising: $350. Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above. Learning Objective 4 P1-48R Using tho CHAPTER
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