Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to Indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. = Liabilities + a. b. C. d. 9- Bal Cash Assets (Items Owned) Accounts Receivable + office Supplies + Prepaid Insurance Demonstrate that the accounting equation has remained in balance. (Amts. Owed) Accounts Payable Owner's Equity (Owner's Investment) J. + Pembroke, Capital (Earnings) 2. Pembroke, +Revenues Expenses Drawing Description
Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to Indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. = Liabilities + a. b. C. d. 9- Bal Cash Assets (Items Owned) Accounts Receivable + office Supplies + Prepaid Insurance Demonstrate that the accounting equation has remained in balance. (Amts. Owed) Accounts Payable Owner's Equity (Owner's Investment) J. + Pembroke, Capital (Earnings) 2. Pembroke, +Revenues Expenses Drawing Description
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...
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Effect of Transactions on Accounting Equation
Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred.
a. Invested cash in business, $17,500.
b. Bought office supplies for $4,600: $1,900 In cash and $2,700 on account.
c. Pald one-year Insurance premium, $1,000.
d. Earned revenues totaling $3,600: $1,400 In cash and $2,200 on account.
e. Pald cash on account to the company that supplied the office supplies in transaction (b), $2,350.
f. Pald office rent for the month, $850.
g. Withdrew cash for personal use, $100.
Required:
a.
b.
C.
e.
f.
9.
Bal.
Show the effect of each transaction on the Individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to Indicate
a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.
=Liabilities +
Cash
Cash
+
Print harn
hom
Assets
Accounts receivable
(Items Owned)
Accounts
office
Receivable Supplies
+
+
Demonstrate that the accounting equation has remained in balance.
Prepaid
Insurance
▸
=
(Amts.
Owed)
Accounts
Payable
Ga |A|
Session Locator=&inprogress=false
(Owner's Investment)
J.
+ Pembroke,
Capital
Owner's Equity
(Earnings)
SGY
3.
Pembroke, +Revenues Expenses
Drawing
+
Description
V
Q < ☆
C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc33178d1-c02a-4246-a3d8-14844eeef7e1%2F7745722c-ec8f-4577-b1de-ad84fda6e86e%2F903pt49_processed.jpeg&w=3840&q=75)
Transcribed Image Text:@@
genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignment
Book
Effect of Transactions on Accounting Equation
Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred.
a. Invested cash in business, $17,500.
b. Bought office supplies for $4,600: $1,900 In cash and $2,700 on account.
c. Pald one-year Insurance premium, $1,000.
d. Earned revenues totaling $3,600: $1,400 In cash and $2,200 on account.
e. Pald cash on account to the company that supplied the office supplies in transaction (b), $2,350.
f. Pald office rent for the month, $850.
g. Withdrew cash for personal use, $100.
Required:
a.
b.
C.
e.
f.
9.
Bal.
Show the effect of each transaction on the Individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to Indicate
a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.
=Liabilities +
Cash
Cash
+
Print harn
hom
Assets
Accounts receivable
(Items Owned)
Accounts
office
Receivable Supplies
+
+
Demonstrate that the accounting equation has remained in balance.
Prepaid
Insurance
▸
=
(Amts.
Owed)
Accounts
Payable
Ga |A|
Session Locator=&inprogress=false
(Owner's Investment)
J.
+ Pembroke,
Capital
Owner's Equity
(Earnings)
SGY
3.
Pembroke, +Revenues Expenses
Drawing
+
Description
V
Q < ☆
C
![Bal.
Demonstrate that the accounting equation has remained in balance.
Cash
Accounts receivable
office supplies
Prepaid Insurance
Total Assets
Accounts payable
Jay Pembroke, capital
Jay Pembroke, drawing
Service fees
4
Rent expense
Total Liabilities and Owner's Equity
bum
Check My Work 5 mara Chack My Work uses ramaining.
All work s](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc33178d1-c02a-4246-a3d8-14844eeef7e1%2F7745722c-ec8f-4577-b1de-ad84fda6e86e%2Fcwvo8i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bal.
Demonstrate that the accounting equation has remained in balance.
Cash
Accounts receivable
office supplies
Prepaid Insurance
Total Assets
Accounts payable
Jay Pembroke, capital
Jay Pembroke, drawing
Service fees
4
Rent expense
Total Liabilities and Owner's Equity
bum
Check My Work 5 mara Chack My Work uses ramaining.
All work s
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