Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21.100 -5.900 -15.200
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21.100 -5.900 -15.200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:### Financial Accounting Overview: Reliance Financial Services - July Transactions
#### Introduction
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services provides financial planning advice to its clients, resulting in various transactions impacting assets, liabilities, and stockholders’ equity. The following table summarizes these effects for the month of July, detailing the balances after each transaction.
#### Detailed Transaction Table
| Transaction | Assets | = Liabilities | + Stockholders' Equity |
|-------------|----------------------------------------|--------------------------|------------------------------------------------------|
| | Cash | + Receivable | + Supplies | = Payable | Common Stock | - Dividends | Fees Earned | - Salaries Expense | - Rent Expense | - Auto Expense | - Supplies Expense | - Misc. Expense |
| a. | +53,000| | | | +53,000 | | | | | | | |
| b. | | +6,000 | | +6,000 | | | | | | | | |
| Bal. | 53,000 | 6,000 | | 6,000 | 53,000 | | | | | | | |
| c. | -3,500 | | | -3,500 | | | | | | | | |
| Bal. | 49,500 | 6,000 | | 2,500 | 53,000 | | | | | | | |
| d. |+108,000| | | | | |+108,000 | | | | | |
| Bal. |157,500 | 6,000 | | 2,500 | 53,000 | | 108,000 | | | | | |
| e. | -33,400| | | | | | | | -33,400 | | | |
| Bal. |124,100 | 6,000 | |

Transcribed Image Text:### Transcript for Educational Website
**Balance Sheet Overview**
The balance sheet captures the financial standing of an entity at different points. Below is a representation showing various financial transactions and the resulting balances across different accounts.
---
| **** | **Account 1** | **Account 2** | **Account 3** | **Account 4** | **Account 5** | **Account 6** | **Account 7** | **Account 8** |
|-------|-----------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|
| **Bal.** | **103,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-33,400** | **-15,200** | **-5,900** |
| **g.** | **-59,000** | | | | | **-59,000** | | |
| **Bal.** | **44,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-59,000** | **-33,400** | **-15,200** | **-5,900** |
| **h.** | **-3,900** | | | | | | | **-3,900** |
| **Bal.** | **44,000** | **2,100** | **2,500** | **53,000** | **108,000** | **-59,000** | **-33,400** | **-15,200** | **-3,900** |
| **i.** | **+50,100** | | | | **+50,100** | | | **-5,900** |
| **Bal.** | **44,000** | **50,100** | **2,100** | **2,500** | **53,000** | **158,100** | **-59,000** |
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