Question 4 Accounts + Receivable + Supplies + Equipment Payable + Capital - Drawings + Revenues Expenses Accounts Owner's Owner's Cash -2,000 -650 -$2,000 - $650 +450 -450 -4,800 -4,800 +400 -400 Required (a) Describe each transaction that occurred for the month. (b) Determine how much owner's equity increased for the month. (c) Compute the amount of net income for the month.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 4
Accounts
Accounts
Owner's
Owner's
Cash
+ Receivable + Supplies + Equipment - Payable + Capital - Drawings + Revenues
Expenses
-2,000
-650
-$2,000
-$650
+450
-450
-4,800
-4,800
+400
-400
Required
(a) Describe each transaction that occurred for the month.
(b) Determine how much owner's equity increased for the month.
(c) Compute the amount of net income for the month.
Transcribed Image Text:Question 4 Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment - Payable + Capital - Drawings + Revenues Expenses -2,000 -650 -$2,000 -$650 +450 -450 -4,800 -4,800 +400 -400 Required (a) Describe each transaction that occurred for the month. (b) Determine how much owner's equity increased for the month. (c) Compute the amount of net income for the month.
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