Question

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple UNUI MULTUMIMUULU Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a negative.) Answer is not complete. Transaction Assets Liabilities 1. $ 0 $ S 2. 1,800 (250) Stockholders' Equity s 1,800 $ (150) $ (700) s (120) Provide services to customers on account, $1,800. Pay $250 for current month's rent. Hire a new employee, who will be paid $700 at the end of each month Pay $120 for advertising alred in the current period. Purchase office supplies for $250 cash. 3. $ 700 X 4. 5. $ (120) s 250 S (250) $ (1.200) s 1,200 s 9,000 6 Receive cash of $1,200 from customers in (1) above. 7. $ $ 9,000 400 8. 9. 10. (400) Obtain a loan from the bank for $9,000. Receive a bill of $400 for utility costs in the current period. Issue common stock for $12.000 cash, Pay $700 to employee in (3) above. Totals $ $ 12.000 $ $ 12,000 (700) $ (700) $ 10,530 < Prev 2 of 10 !!! Next >

Answer 1

Accounting Equation:

• · Assets = Liabilities + Stockholders’ Equity

Account Type	Normal balance	To be increased	To be decreased
Assets	Debit	Debit	Credit
Liabilities	Credit	Credit	Debit
Equity	Credit	Credit	Debit
Revenue	Credit	Credit	Debit
Expenses	Debit	Debit	Credit

Sl.no Transaction Assets Liabilities + Stockholders' Equity $ 1,800 $ (250) $ 1,800 $ (250) $ $ 1 Provide services to customers on account, $1800. 2 Pay $250 for current month's rent. Hire a New Employee, Who will be paid $700 at the 3 end of each month. 4 Pay $120 for advertising aired in the current period. 5 Purchase of office supplies for $250 cash. $ $ (120) 6 Received cash of $1,200 from customer $ $ $ (120) $ $ 250 $ $ (250) $ $ (1200) $ $ 1,200 $ $ 9,000 $ 9,000 $ 400 $ 12,000 $ (700) $ 21,730 = $ 9,400 + AAAAA 7 Obtain a loan of $9,000 8 Received a bill of $400 for utility cost 9 Issue of common stock for $12,000 cash 10 Pay $700 to employees Totals $ $ (400) 12,000 $ (700) 12,330 $

*Transcation2 - Debit, Rent Expenses To Credit, Cash Account.

*Transcation3 - There is No monetary transcations occured.{Future event};

*Transcation10- Debit, Salaries Expenses To Credit, Cash Account.

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