Question

i need the balance

torekinprogressolse ter 2 Homework eBook Calculator a. Withdrew cash for personal use, 3100. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Asses-Labis + Owner's Equity (Capital Drawing +Revenues - Expenses). After transaction (o), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets Liabilities + Owner's Equity (Amts. Owed) (Items Owned) (Owner's Investment) (Earnings) Cash Accounts Receivable Office Supplies Prepaid Insurance Accounts Payable + J. Pembroke, Capital 3. - Pembroke, Drawing Revenues Expenses Description 18,000 a. 18,000 b. -2,000 4,600 2,600 1,200 - 1,200 ✓ C 3,300 Service fees ✓ d. 1,300 ✓ 2.000 le -2.300 750 ✓ Rent expense -750 9. -100 ✓ 750 3,300 ✓ 4,600 300 ✓ 1.2007 13,000 2.000 Bal Previous Next Check My Work TEM e * O G Type here to search

Answer 1

Explanation:

1) In the last transaction $ 100 is withdrew so, it will reduce cash by $100 and increase drawing by $ 100 ( which is not marked in the above table i.e. in the withdraw column we need to make entry of $100)

2) Equation:

Assets = Liability + Equity

3) Cash:

= ($18,000- $2000 - $1200 +$1300 - $2300 - $750 -100)

= $ 12,950

4) Total Assets:

$ 12,950 + 2000 +4600 +1200 = $ 20,750

5) Total Liability:

= $ 300

6) Equity:

= ( Capital - Drawing ) + ( Service - Revenue)

= ( $ 18,000 - $ 100) + ( $ 3300 -750)

= $ 17,900 + 2550

= $ 20,450

7) Now, we can verify the same by putting the value in Equation.

Assets	=	Liability	+	Equity
$ 20,750	=	$300	+	$20,450