Question

Enter each transaction into the accounting equation. Begin by entering transaction a.​ Then, enter each transaction in the order they occurred.​ (Use parentheses or a minus sign when entering account decreases. Use only the necessary input​ lines.)

i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both principal and interest to be repaid on June 30, 2010. The firm prepaid a year of rent for $1,200 that started August 1, 2009. The firm paid $1,050 cash for operating expenses for the first month. The firm earned $10,500 in revenue the first month. Of that amount, $7,500 was collected in cash. The firm hired an administrative assistant and paid $525 cash in salary expense for the first month. The firm declared and paid distributions to owners in the amount of $2,250 for the first month. At the end of the month, $125 of interest payable is due but not yet paid on the note from item (b). a. b. C. d. e. f. g. h. Print Done

Answer 1