Using Tabular Analysis, document the following transactions using the expanded accounting equation format: 1. The owner invested $45,000 cash in the business. 2. The company purchased $25,000 of office equipment on credit. 3. The company re ceived $10,000 cash in exchange for services performed, and $10,000 will be received 30 days from now. 4. The company paid $4,000 for this month's rent. 5. The owner withdrew $10,000 cash for personal use
Using Tabular Analysis, document the following transactions using the expanded accounting equation format: 1. The owner invested $45,000 cash in the business. 2. The company purchased $25,000 of office equipment on credit. 3. The company re ceived $10,000 cash in exchange for services performed, and $10,000 will be received 30 days from now. 4. The company paid $4,000 for this month's rent. 5. The owner withdrew $10,000 cash for personal use
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...
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
Transcribed Image Text:Using Tabular Analysis, document the following transactions using the expanded accounting equation
format:
1. The owner invested $45,000 cash in the business.
2. The company purchased $25,000 of office equipment on credit.
3. The company re
ceived $10,000 cash in exchange for services performed, and $10,000 will be received 30 days from now.
4. The company paid $4,000 for this month's rent.
5. The owner withdrew $10,000 cash for personal use
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