Using the accounting equation for transaction analysis [20-25 min]
Cash | Accounts receivable | Supplies | Land | Accounts payable | Common stock | Retained earnings | |
Oct 1 | $4,000 | $7,300 | $1,200 | $12,800 | $4,000 | $14,000 | $7,300 |
4 | 9,000 | 7,300 | 1,200 | 12,800 | 4,000 | 19,000 | 7,300 |
9 | 5,000 | 7,300 | 1,200 | 16,800 | 4,000 | 19,000 | 7,300 |
13 | 5,000 | 7,300 | 1,600 | 16,800 | 4,400 | 19,000 | 7,300 |
16 | 3,500 | 7,300 | 1,600 | 16,800 | 2,900 | 19,000 | 7,300 |
19 | 4,800 | 6,000 | 1,600 | 16,800 | 2,900 | 19,000 | 7,300 |
22 | 9,800 | 6,000 | 1,600 | 16,800 | 2,900 | 24,000 | 7,300 |
25 | 9,200 | 6,000 | 1,600 | 16,800 | 2,300 | 24,000 | 7,300 |
27 | 8,400 | 6,000 | 2,400 | 16,800 | 2,300 | 24,000 | 7,300 |
30 | 2,700 | 6,000 | 2,400 | 16,800 | 2,300 | 24,000 | 1,600 |
1. A single transaction took place on each day. Briefly describe the transaction that most likely occurred on each day, beginning with October 4. Indicate which accounts were increased or decreased and by what amounts. Assume that no revenue or expense transactions occurred during the month.
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