Question

Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec. Rhoades invested $20,000 in the business in exchange for common stock. 2 Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 3 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. 8 Paid $1,080 cash on account for supplies purchased December 2 14 Paid $900 cash for assistant's wages for 2 weeks' work. 20 Performed consulting services for $3,000 cash 28 Paid $900 cash for assistant's wages for 2 weeks' work 30 Billed clients $7,200 for December consulting services. 31 Paid $1,800 cash for dividends. 1

Answer 1

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a2:
Transaction	Working	Cash Asset	Non cash Asset	Contra Asset	Liabilities	Cont Capital
1	1080-710		$                 -370			$            -370
2				$             -270		$            -270
3					$        120	$            -120
4	30*75		$                2,250			$          2,250
Total		$              -	$                1,880	$             -270	$        120	$          1,490