Learning Objective 4 > Problems Pl-47B Using the accounting equation Cash $8,150 EQUITY Advertising Expense Rent - + Service ASSETS Cash + Accounts + Clifford, Withdrawals Revenue Expense LIABILITIES + Office + Supplies Clifford, - Capital Land Accounts + $2,500 Receivable Fal. $2,100 + $2,500 Payable $7,100 $0 +$11,000 $6,000 During September 2016, the business completed the following transactions: a. Meg Clifford contributed $13,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,000. g bloz e. Collected cash from a customer on account, $1,500. f. Meg withdrew $1,900. g. Consulted for a new band and billed the client for services rendered, $6,000. h. Recorded the following business expenses for the month: Paid office rent: $1,400. bist Paid advertising: $350. Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above.

Learning Objective 4 > Problems Pl-47B Using the accounting equation Cash $8,150 EQUITY Advertising Expense Rent - + Service ASSETS Cash + Accounts + Clifford, Withdrawals Revenue Expense LIABILITIES + Office + Supplies Clifford, - Capital Land Accounts + $2,500 Receivable Fal. $2,100 + $2,500 Payable $7,100 $0 +$11,000 $6,000 During September 2016, the business completed the following transactions: a. Meg Clifford contributed $13,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,000. g bloz e. Collected cash from a customer on account, $1,500. f. Meg withdrew $1,900. g. Consulted for a new band and billed the client for services rendered, $6,000. h. Recorded the following business expenses for the month: Paid office rent: $1,400. bist Paid advertising: $350. Analyze the effects of the transactions on the accounting equation of Dance Fever using the format presented above.

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Description: 70 chapter 1Learning Objective 4> Problems Group BAugust 1, 2016.P1-49amounts summarize her business on August 31, 2016:EQUITYCash $8,150The followingLarAdvertisingExpenseRent+ ServiceASSETSCash + Accounts + Office + LandLIABILITIES +Clifford,Cliffo

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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