Question

Matilda Marone opened a public relations firm called Tuney Town on August 1, 2018. The following amounts summarize her business on August 31, 2018: (Click the icon to view the amounts.) During September 2018, the business completed the following transactions (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Tuney Town. Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal" line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Ady = Advertisina: Can = Marone Canital: Fyn = Fynense: Liah = liabilities: Rev = Revenue Sup. = Supplies; Withdr. = Marone, Withdrawals.) More Info ASSETS LIAB. EQUITY Cash + A/R + Office Land A/P Cap. . - Withdr + Service Rent Adv. Sup. Rev. Exp. Exp. a. Bal. 2.000 2.400 0 18,000 = 6,000 14.000 0 2,400 0 0 b. C. a d. Bal. e Matilda Marone contributed $9,000 cash in exchange for capital. Performed service for a client and received cash of $700. Paid off the beginning balance of accounts payable. Purchased office supplies from OfficeMax on account, $600. Collected cash from a customer on account, $1,900. Marone withdrew $1,900. Consulted for a new band and billed the client for services rendered, $5,500 Recorded the following business expenses for the month: 1. Paid office rent: $700. 2. Paid advertising: $600. f. Enter any number in the edit fields and then click Check Answer. g. h. 7 Pemaining Clear All

Answer 1

ASSETS EQUITY Service Cash + + Office Supp + + Withdr + Rev Rent Exp Adv Exp A/R 2400 Land 18000 A/P 6000 Bal. 2000 + + + + + 2400 Cap 14000 9000 23000 a. + + + = + + Bal. 9000 11000 700 + 2400 + 0 + 18000 6000 + 0 + 0 0 + + + = + + b. Bal. 2400 700 3100 + 2400 + 0 + 18000 + 23000 lo + 이 11700 -6000 6000 -6000 + + + + + 5700 + 2400 + + 18000 0 + 23000 lo + 3100 0 c. Bal. d. Bal. 0 600 + + + 600 + + + + 600 + 18000 600 + 23000 0 + 3100 0 5700 1900 7600 + 2400 -1900 500 + + e. Bal. + + + + 600 + 18000 600 + 23000 0 + 3100 -1900 + + + = + + f. Bal. 1900 1900 ol ol 5700 + + 600 + 18000 600 + 23000 + 500 5500 6000 3100 5500 + + + + + 5700 + + 600 + 18000 600 + 23000 1900 + 8600 0 8 Bal. h1. Bal. + + + = + + -700 5000 700 700 + 6000 + + 600 + 18000 600 + 23000 1900 + 8600 0 h2. -600 + + + = + + + 600 Bal. 4400 + 6000 + 600 + + 18000 = 600 + 23000 1900 + 8600 700 600

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