Question

F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a new company named Fastforward in exchange for Com 2 Purchase Supplies with Cash: Paid $2,500 Cash to purchase supplies 3 Purchase Equipment with Cash: Spend $26.000 Cash to acquire Equipment 4 Purchase Supplies on Credit: Purchased $7,100 Supplies and promise to pay later 5 Provide Services for Cash: Provided services to customers and got paid $4,200 Cash 6 Pay Rent expense Paid $1,000 for Office Rent 7 Pay Emplyee Wages Paid eployee's wage $700 8 Provide Services on Credit Provided consulting services to customers $1,900. The customers will next week 9 Payment of Account Receivable Received the payment of $1,900 from Transaction 8's Customer 10 Pay Dividend Paid $200 Cash Dividend to the owner. Asset lability estoed dividen.Crever Date 1 Cash 30,000 30,000 Total Asset = Total Liabilities + Total Equity OH $

Answer 1

	Journal entries	Debit	Credit
	Cash	30000
	To Owner Equity		30000
	Supplies	2500
	To Cash		2500
	Equipment	26000
	To Cash		26000
	Supplies	7100
	Accounts payable		7100
	Cash	4200
	To Revenue Services		4200
	Rent Expense	1000
	To Cash		1000
	Salary Expense	700
	To Cash		700
	Accounts Receivable	1900
	To Sales		1900
	Cash	1900
	To Accounts Receivable		1900
	Dividend	200
	To Cash		200

Balance Sheet

Assets	Amount	Liabilities	Amount
Cash	5700	Accounts payable	7100
Accounts Recivable	-
Equipment	26000	Owner Equity (30000-5200-200)	24600
Total assets	31700	Total Libilities	31700

Income Statement

Revenue	=4200+1900	6100
Expenses
Salary	700	700
Rent	1000	1000
Supplies	=2500+7100	9600
total expense		11300
Net Income		(5200)