Shannon O'Bryan operates a service business called EdgecliffPhotography. Edgecliff Photography uses the accounts shown in thefollowing accounting equation. Use the form in your Working Papers tocomplete this problem.Chapter 1, Problem 3AP, Shannon OBryan operates a service businesscalled Edgecliff Photography. Edgecliff Photography usesInstructions:For each transaction, complete the following. Transaction 1 is given asan examplehoa. Analyze the transaction to determine which accounts in theaccounting equation are affected.b. Write the amount in the appropriate columns using a plus sign (+) ifthe account increases or a minus sign (-) if the account decreases.c. For transactions that change owner's equity, write in parentheses adescription of the transaction to the right of the amount. d. Calculate a new balance for each transaction in the accountingequation.e. Before going on to the next transaction, determine that the accountingequation is still in balance.Transactions:1. Paid cash for rent, $400.00.2. Owner withdrew equity in the form of cash, $150.00.3. Received cash from sales, $900.00.4. Paid cash for camera repairs, $100.00.5. Sold services on account to Eden Wedding Planners, $400.00.6. Received cash from sales, $650.00.7. Paid cash for charitable contributions, $35.00.8. Received cash on account from Eden Wedding Planners, $300.00.
Shannon O'Bryan operates a service business called Edgecliff
Photography. Edgecliff Photography uses the accounts shown in the
following
complete this problem.
Chapter 1, Problem 3AP, Shannon OBryan operates a service business
called Edgecliff Photography. Edgecliff Photography uses
Instructions:
For each transaction, complete the following. Transaction 1 is given as
an example
ho
a. Analyze the transaction to determine which accounts in the
accounting equation are affected.
b. Write the amount in the appropriate columns using a plus sign (+) if
the account increases or a minus sign (-) if the account decreases.
c. For transactions that change owner's equity, write in parentheses a
description of the transaction to the right of the amount.
d. Calculate a new balance for each transaction in the accounting
equation.
e. Before going on to the next transaction, determine that the accounting
equation is still in balance.
Transactions:
1. Paid cash for rent, $400.00.
2. Owner withdrew equity in the form of cash, $150.00.
3. Received cash from sales, $900.00.
4. Paid cash for camera repairs, $100.00.
5. Sold services on account to Eden Wedding Planners, $400.00.
6. Received cash from sales, $650.00.
7. Paid cash for charitable contributions, $35.00.
8. Received cash on account from Eden Wedding Planners, $300.00.
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