Nature of transactions Teri West owns and operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets = Liabilities + Cash + Supplies + Land= Accounts Payable + Teri West, Capital Bal. 24,000 3,100 60,000 80,600 1. +28,100 -12,000 -20,900 2. 3. 4. -1,600 -5,800 +1,200 5. 6. 7. Bal. 11,800 a. (1) Select the description for transaction 1. +12,000 -2,400 1,900 72,000 a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. 6,500 +1,200 -5,800 1,900 80,600 Teri West, Drawing + -1,600 Owner's Equity -1,600 Fees Earned - Expenses Fees Earned 28,100 28,100 -20,900 -2,400 -23,300

Nature of transactions Teri West owns and operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets = Liabilities + Cash + Supplies + Land= Accounts Payable + Teri West, Capital Bal. 24,000 3,100 60,000 80,600 1. +28,100 -12,000 -20,900 2. 3. 4. -1,600 -5,800 +1,200 5. 6. 7. Bal. 11,800 a. (1) Select the description for transaction 1. +12,000 -2,400 1,900 72,000 a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. 6,500 +1,200 -5,800 1,900 80,600 Teri West, Drawing + -1,600 Owner's Equity -1,600 Fees Earned - Expenses Fees Earned 28,100 28,100 -20,900 -2,400 -23,300

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Description: Nature of transactionsTeri West owns and operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on theequation. Each increa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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