Question

Question Help Jordan Davis 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 Davis and Associates, Inc. Jordan experienced the following events during the first 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 Davis and Associates, Inc., as needed, calculating new balances after each transaction. (1f 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 Next • Previous

Answer 1

	Cash	AR	Supplies	Furniture	AP	CS	Retained Earnings
							Revenue	Expenses	Dividends
3-Apr
Bal	$                     -	$                     -	$                     -	$                     -	$                     -	$                     -	$                     -	$                     -	$                     -
5-Apr	$            95,000					$            95,000
Bal	$            95,000	$                     -	$                     -	$                     -	$                     -	$            95,000	$                     -	$                     -	$                     -
7-Apr	$                (500)		$                  500
Bal	$            94,500	$                     -	$                  500	$                     -	$                     -	$            95,000	$                     -	$                     -	$                     -
9-Apr				$               4,700	$               4,700
Bal	$            94,500	$                     -	$                  500	$               4,700	$               4,700	$            95,000	$                     -	$                     -	$                     -
10-Apr
Bal	$            94,500	$                     -	$                  500	$               4,700	$               4,700	$            95,000	$                     -	$                     -	$                     -
14-Apr
Bal	$            94,500	$                     -	$                  500	$               4,700	$               4,700	$            95,000	$                     -	$                     -	$                     -
20-Apr	$               4,000						$               4,000
Bal	$            98,500	$                     -	$                  500	$               4,700	$               4,700	$            95,000	$               4,000	$                     -	$                     -
27-Apr	$             (1,200)							$               1,200
Bal	$            97,300	$                     -	$                  500	$               4,700	$               4,700	$            95,000	$               4,000	$               1,200	$                     -
29-Apr	$             (2,400)				$             (2,400)
Bal	$            94,900	$                     -	$                  500	$               4,700	$               2,300	$            95,000	$               4,000	$               1,200	$                     -
30-Apr	$                (400)								$                  400
Bal	$            94,500	$                     -	$                  500	$              4,700	$              2,300	$            95,000	$              4,000	$              1,200	$                  400

No entry is required for Apr 3, Apr 10 and Apr 14 transaction

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