Answered: Prepare Income Statement and Balance…

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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Accounting Concepts

Record the effect of the following transactions on the accounting equation using a
table similar to the example (page 18).
a. Owen inherited $20,000 and invested the cash in the business.
b. Performed services for a client and received cash of $700.
c. Purchased supplies on account, $1,000
d. Invested personal cash of $1,000 in the business.
e. Performed services to clients and received cash of $2,400
f. Paid office rent expenses, $ 900 and advertising expense $100.
g. Withdrew cash of $1,800 for personal use.

Prepare Income Statement and Balance Sheet.

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