Question

Help with setting up these tables because no matter what I can only get half of them right

Required information [The following information applies to the questions displayed below On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $13,000 for 1,300 shares of OCC. On September 8, OCC borrowed $26,500 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $29.500 to acquire computer equipment. On September C received $1,800 of supplies purchased on account and, on September 16, paid $2,200 for September Through September 22, OCC provided its customers $8.550 of services, of which OCC collected $7650 in cash. On September 28, OCC paid $365 for Internet and phone service this month. On September 29, OCC paid or the month. Finally, on September 30, OC harges for the month will be $640. This amount will be paid on October 14 through a preauthorized online payment C submitted its electricity meter reading online and determined that the total

Answer 1

ANSWER:

• In the given question, we have to identify the accounts in which each transaction will be having effect
• It should be noted that every time following formula will remain same
• Assets = Liability +Stockholders’ Equity
• Hence, by applying above formula transactions of the given question is as follows

	Assets		=	Liabilities		+	Stockholders' Equity
September 01	Cash	13000					Common Stock	13000
September 08	Cash	26500		Notes Payable (Long Term)	26500
September 10	Equipment	29500
	Cash	(29500)
September 15	Supplies	1800		Accounts Payable	1800
September 16	Cash	(2200)					Rent Expense	(2200)
September 22	Cash	7650					Services to customer*	7650
	Accounts receivable	900					Services to customer*	900
September 28	Cash	(365)					Internet and Phone Expense	(365)
September 29	Cash	(3800)					Wages Expense	(3800)
September 30				Accounts Payable	640		Electricity Expense	(640)

Note: "Services to customer" is account in reference of sales