Question

Sunland Company has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders' equtity, revenue, or expenses and (b) the debit-credit analysis. Aug. 1 4 Opens an office as a financial advisor, investing $5,800 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,960 cash. Receives $1,200 from clients for services performed. Pays secretary $1,490 salary. 16 27 (a) Effect on Assets, Liabilities, Stockholders' Equtity, Revenue, or Expenses (b) Debit-Credit Analysis X Aug. 1 Increased Increase Assets The asset is Debits X X the stockholders' equity account is Debit X Credits X Credit X X x Aug. 4 II The asset Debits X X the asset is Debit
please answer all these

Answer 1

	(a) Effect on Assets, Liabilities, Stockholders' Equity, Revenue or Expense				(b) Debit - Credit Analysis
Aug 1	The asset	Cash	is Increased	Debit	Increase Assets
	the stockholders’ equity account	Common Stock	is Increased	Debit	Cash	$5,800
				Credit	Increase stockholders’ equity
				Credit	Common Stock	$5,800
Aug. 4	The asset	Prepaid Insurance	is Increased	Debit	Increase Assets
	The asset	Cash	is Decreased	Debit	Prepaid Insurance	$1,960
				Credit	Decrease Assets
				Credit	Cash	$1,960
Aug. 16	The asset	Cash	is Increased	Debit	Increase Assets
	The revenue	Service Revenue	is Increased	Debit	Cash	$1,200
				Credit	Increase Revenues
				Credit	Service Revenue	$1,200
Aug. 27	The expense	Salaries and Wages Expense	is Increased	Debit	Increase Expenses
	The asset	Cash	is Decreased	Debit	Salaries and Wages Expense	$1,490
				Credit	Decrease Assets
				Credit	Cash	$1,490