Accounting question

Financial balances for Debbie Davis on 30 June 2004 are given overleaf in a table in accounting equation form similar to the chapter illustrations.

Assets Balance (Cash at Bank $11000+ Accounts Receivable $15000) + Office Supplies $1500+ Equipment $24000) = Liabilities Balance (Accounts payable$3500+ Loan Payable$12000) + Owner's equity (Debbie Davis, Capital$36000)

During July, the business of Debbie Davis entered into the following transactions:

1 Collected $9000 of the accounts receivable.

2. Paid $1800 on accounts payable.

3. Purchased equipment for $5,100. Paid $2,100 in cash and signed a loan agreement for $3,000

4. Billed customers for services performed, $6,300

5. Purchased supplies on credit,$375

6. Paid expenses in cash , $2925

7. The owner withdrew $1000 for personal use.

8. use $600 of supplies during the period.

Required:A. Record the effects of each transaction. Show the total of each column after recording each transaction.

can someone help me to solve this question?

1 個解答

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  • 6 年 前
    最佳解答

    (The left is debit whereas the right is credit)

    1. Cash 9000

    Accounts receivable 9000

    2. Accounts payable 1800

    Cash 1800

    3. Equipment 5100

    Cash 2100

    Loan payable 3000

    4. Accounts receivable 6300

    Income earned 6300

    5. Office supplies 375

    Accounts payable 375

    6. Expenses 2925

    Cash 2925

    7. Owner's equity 1000

    Cash 1000

    8. Expenses 600

    Office supplies 600

    Asset: 11000 Dr + 15000 Dr + 1500 Dr + 24000 Dr + 9000 Dr + 9000 Cr + 1800 Cr + 5100 Dr + 2100 Cr + 6300 Dr + 375 Dr + 2925 Cr + 1000 Cr + 600 Cr = 54850 Dr

    Liabilities: 3500 Cr + 12000 Cr + 1800 Dr + 3000 Cr + 375 Cr = 17075 Cr

    Equity: 36000 Cr + 6300 Cr + 2925 Dr + 1000 Dr + 600 Dr = 37775 Cr

    L+E: 37775 Cr + 17075 Cr = 54850 Cr

    Therefore, Asset = Liability + Equity

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