Homework Answers
Solution:
| Assets | = | Liabilities | + | Shareholders' Equity | ||||||||||
| Cash | Accounts Receivable | Supplies | Prepaid Insurance | Equip. | Accounts Payable | Notes Payable | Unearned Revenue | Common Stock | Retained Earnings | |||||
| Revenue | Expense | Dividend | ||||||||||||
| 1 | 500 | 0 | 0 | 0 | 0 | = | 0 | 0 | 0 | + | 500 | 0 | 0 | 0 |
| Balance | 500 | 0 | 0 | 0 | 0 | = | 0 | 0 | 0 | + | 500 | 0 | 0 | 0 |
| 2 | -250 | 0 | 0 | 0 | 250 | = | 0 | 0 | 0 | + | 0 | 0 | 0 | 0 |
| Balance | 250 | 0 | 0 | 0 | 250 | = | 0 | 0 | 0 | + | 500 | 0 | 0 | 0 |
| 3 | 200 | 0 | 0 | 0 | 0 | = | 0 | 200 | 0 | + | 0 | 0 | 0 | 0 |
| Balance | 450 | 0 | 0 | 0 | 250 | = | 0 | 200 | 0 | + | 500 | 0 | 0 | 0 |
| 4 | 400 | 200 | 0 | 0 | 0 | = | 0 | 0 | 0 | + | 0 | 600 | 0 | 0 |
| Balance | 850 | 200 | 0 | 0 | 250 | = | 0 | 200 | + | 500 | 600 | 0 | 0 | |
| 5 | 60 | 0 | 0 | 0 | = | 0 | 0 | 60 | + | 0 | 0 | 0 | 0 | |
| Balance | 910 | 200 | 0 | 0 | 250 | = | 0 | 200 | 60 | + | 500 | 600 | 0 | 0 |
| 6 | -50 | 0 | 0 | 0 | 0 | = | 0 | 0 | 0 | + | 0 | 0 | -50 | 0 |
| Balance | 860 | 200 | 0 | 0 | 250 | = | 0 | 200 | 60 | + | 500 | 600 | -50 | 0 |
| 7 | -30 | 0 | 0 | 30 | 0 | = | 0 | 0 | 0 | + | 0 | 0 | 0 | 0 |
| Balance | 830 | 200 | 0 | 30 | 250 | = | 0 | 200 | 60 | + | 500 | 600 | -50 | 0 |
| 8 | 0 | 0 | 90 | 0 | 0 | = | 90 | 0 | 0 | + | 0 | 0 | 0 | 0 |
| Balance | 830 | 200 | 90 | 30 | 250 | = | 90 | 200 | 60 | + | 500 | 600 | -50 | 0 |
| 9 | -25 | 0 | 0 | 0 | 0 | = | 0 | 0 | 0 | + | 0 | 0 | 0 | -25 |
| Balance | 805 | 200 | 90 | 30 | 250 | = | 90 | 200 | 60 | + | 500 | 600 | -50 | -25 |
| 10 | -300 | 0 | 0 | 0 | 0 | = | 0 | 0 | 0 | + | 0 | 0 | -300 | 0 |
| Balance | 505 | 200 | 90 | 30 | 250 | = | 90 | 200 | 60 | + | 500 | 600 | -350 | -25 |
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Please show work. Thank you
These are the business transactions for Senata Corporation during its first month 1- Investment of cash by stockholders S500 2- Purchase of equipment for cash $250 3- Note issued in exchange of cash $200 4. Services rendered $600 of which $400 were collected in cash. 5- Receipt of cash in advance from customers $60 6- Payment of the month rent $50 7- Purchase of six month insurance policy $30 8. Purchase of supplies on credit...
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Shareholders’ Equity) (If no entry is required select
No Entry for the account. For the effect, select "+" for Increase,
"-" for Decrease and "NE" for No effect):
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