+ Soo Lin began an Internet Consulting practice and completed these transactions during April of the current year: April 1 2 3 4 8 15 20 30 30 Invested $100,000 of her personal savings into a checking account opened in the name of the business Rented office space and paid $1,200 cash for the month of September Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. Purchased office supplies for $750 cash Completed work for a client and immediately collected $2,700 cash for the services. Completed $3,600 services for a client on credit Received $3,600 from a client for the work completed on September 15 Paid the office secretary's monthly salary, $3,000 cash Lin withdrew $2,000 for personal use. Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example. (Increase = 1, Decrease = D, No Effect = N) Date Assets Liabilities Equity April 1 I N I
+ Soo Lin began an Internet Consulting practice and completed these transactions during April of the current year: April 1 2 3 4 8 15 20 30 30 Invested $100,000 of her personal savings into a checking account opened in the name of the business Rented office space and paid $1,200 cash for the month of September Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. Purchased office supplies for $750 cash Completed work for a client and immediately collected $2,700 cash for the services. Completed $3,600 services for a client on credit Received $3,600 from a client for the work completed on September 15 Paid the office secretary's monthly salary, $3,000 cash Lin withdrew $2,000 for personal use. Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example. (Increase = 1, Decrease = D, No Effect = N) Date Assets Liabilities Equity April 1 I N I
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Soo Lin began an Internet Consulting practice and completed these transactions during April
of the current year:
April
1
2
3
4
8
15
20
30
30
Invested $100,000 of her personal savings into a checking account opened in the name of the
business
Rented office space and paid $1,200 cash for the month of September
Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance
in one year.
Purchased office supplies for $750 cash
Completed work for a client and immediately collected $2,700 cash for the services.
Completed $3,600 services for a client on credit
Received $3,600 from a client for the work completed on September 15
Paid the office secretary's monthly salary, $3,000 cash
Lin withdrew $2,000 for personal use.
Show the effects of the above transactions on the accounting equation of Soo Lin,
Consultant. Use the following format for your answers. The first item is shown as an example.
(Increase = 1, Decrease = D, No Effect = N)
Date
Assets Liabilities Equity
April 1 I
N
I
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