Question

Question Help Janice Fisk worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Fisk and Associates, Inc. Janice experienced the following events during the frst month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business (Click the icon to view the events.) Requirement 1. Enter each transaction in the expanded accounting equation of Fisk and Associates, Inc., as needed, calculating new balances after each transaction. (If a box is not used in the transaction, leave the box empty, do not enter a zero. If an event does not affect the accounts of the business, leave the entire transaction line blank. Carry down all balances, including zero balance accounts. Enter decreases with a minus sign or parentheses. Note the following abbreviations used in the accounting equation tables: AR Accounts receivable, AP Accounts payable, and CS - Common stock) Enter any number in the edit fields and then continue to the next question. « Previous Next

Answer 1

Cash + AR + Supplies + Furniture AP + + + + + + + + + $65,000+ $65,000 -$450+ $64,550 + + + $450+ $450 + + + + $4,700 $4,700 = $4,700+ $4,700+ $64,550 + + $450+ Date April 3 April 5 Bal April 7 Bal April 9 Bal April 10 April 14 April 20 Bal April 27 Bal April 29 Bal April 30 Bal Retained Earnings CS +Revenue Expense Dividend check personal transaction $65,000 + 0 $65,000 0 0 $65,000 0 0 $65,000+ 0 personal transaction No transaction $3,800 0 $65,000 $3,800 0 -$2,500 0 $65,000 $3,800 -$2,500 0 0 $65,000 $3,800 -$2,500 0 -$500 0 $65,000 $3,800 -$2,500 -$500 0 + + + + + + + + + $3,800 + $3,800 $4,700 + + $3,800 $64,550 -$2,500+ $62,050 -$2,300 + $59,750 -$500+ $59,250 $450 + $450 + $450 $4,700 $4,700 + $4,700 -$2,300 + $2,400 + + $3,800 $4,700 + + + + $450 $3,800 $4,700 $2,400