Question 2: A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this month's rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?

Question 2: A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this month's rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?

Name: Accounts payableOffice furnitureRent expenseCashElectricity expenseCo
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Description: Accounts payableOffice furnitureRent expenseCashElectricity expenseCommon stockMiscellaneous expensesDividends2,5801,94512,68512,2404,6951,38010,0001,4502,500Question 2: A business has the following transactions:The business is started by receiving

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

Topic Video

Question

Accounts payable
Office furniture
Rent expense
Cash
Electricity expense
Common stock
Miscellaneous expenses
Dividends
2,580
1,945
12,685
12,240
4,695
1,380
10,000
1,450
2,500
Question 2: A business has the following transactions:
The business is started by receiving cash from an investor in exchange for
common stock $20,000
The business purchases supplies on account $500
The business purchases furniture on account $2,000
The business renders services to various clients on account totaling $9,000
The business pays salaries $2,000
The business pays this month's rent $3,000
The business pays for the supplies purchased on account.
The business collects from one of its clients for services rendered earlier in the
month S1,500.
What is total income for the month?
Question 3: Debbie's Dairy Farm had the following transactions:

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