Question

1 Question 4 Fleming's Logistics Consulting has the following transactions during August Aug 1 Received $16,950 cash from the company's owner, Barbara Heming. 4 Paid rent in avance for three months, 34,110. 5 Purchased $500 of office supplies on account • Received from dients for services provided 17 Billed dients $1,000 for services provided 27 Paid secretary 950 salary. 29 Paid the company's owner, Barbara Fleming, 9970 cash for personal use. For each transaction indicate (a) the basic type of account to be debited and credited (aut, ability, wner's equity) the wee accounts to debit and credit (for example, Cash Service Reven, Accounts Payable); and (c) whether each account is increased (+) or decreased), and by what amount Use the following format, in which the fustane has been done for you as an example: Account Debited Account Credited (a) (b) () (b) Transaction Baske Type Specific Account Effect Base Type Specific Account ffect Aug 1 Au Cash Owner's B. Fleming, Capital $15.95 4 + 5 <<<< 6 V <<<< 17 27 29 Type here to search O

Answer 1

Account Debited	Account Credited
Transaction	(a) Basic Type	(b) Specific Account		(c) Effect	(a) Basic Type	(b) Specific Account		(c) Effect
Aug. 1	Asset	Cash	+	16,950	Owner's Equity	B. Fleming, Capital	+	16,950
Aug. 4	Asset	Prepaid rent	+	4,110	Asset	Cash	-	4,110
Aug. 5	Asset	Office Supplies	+	500	Liability	Accounts payable	+	500
Aug. 6	Asset	Cash	+	600	Asset	Accounts receivable	-	600
Aug. 17	Asset	Accounts receivable	+	1,000	Owner's Equity	Revenue	+	1,000
Aug. 27	Owner's Equity	Salary expense	-	950	Asset	Cash	-	950
Aug. 29	Owner's Equity	Drawings account	-	970	Asset	Cash	-	970