Question

Transaction Analysis Assignment Last name Under the double-entry accounting system, when a financial transaction occurs, it alects at least two accounts. This is demonstrated by looking at the basic accounting equation or the expanded accounting equation and conducting a transaction analysis using these equations. The expanded accounting equation is particularly helpful because it allows us to see the effect when the transaction involves revenues and/or expenses, as well as transactions that affect owner's capital of Owner's withdrawals Basic Accounting Equation Assets Liabilities + Owner's Equity Expanded Accounting Equation Assets Liabilities + Owner's Capital - Owner's Withdrawals - Revenues - Expenses Using the Transaction Analysis Table which depicts the expanded accounting equation identity the effect that each of the six (6) transactions has on the equation For each transaction indicate in a cell on the table whether it is an increase or a decrease to that category and indicate the amount of money Please note The first transaction has been completed for you as an example so you only need to complete the analysis for transactions 2 through 6 Transaction Assets Liabilities Owner's Owner's Revenues Expenses Number Capital Withdrawals Increase 75,000 Increase 175,000 Transactions: 1. Dr. Sam Smile invests $75,000 to open a business account for his dental practice-Sam Smile, D.D.S. 2. Dr. Smile purchases a building by signing a long-term note payable in the amount of $150,000 3. Dr. Smile purchases $500 in office supplies for his business, he purchases the office supplies using cash 4. Dr. Smile pays his receptionist $1,200 for two weeks of work 5. Dr. Smile provides dental services to a patient in the amount of $250. The patient does not pa cash but their insurance company will be billed for the service provided. 6. Dr. Smile receives $250 from the insurance company for the patient in transaction 5 above Type your name in the upper-right corner of this page next to Last Name Save your file as a Word document (docx) Include the term Transaction and your Last Name when saving your file. Example: Transaction Smith.docx Upload your completed document using the Browse button, and then click the Submit button Points Possible: 4 points for each transaction

Answer 1

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Sam
Transaction	Assets	Liabilities	Owner's Capital	Owner's Withdrawals	Revenues	Expenses
1	Increase 75,000.		Increase 75,000.
2	Increase 150,000.	Increase 150,000.
3	Increase 500. Decrease 500.
4	Decrease 1,200.					Increase 1,200.
5	Increase 250.				Increase 250.
6	Increase 250. Decrease 250.