Using the accounting equation to analyze transactions and calculate net income or net loss [10-15 min]
The analysis of the first eight transactions of All-in-one Accounting Service, Inc., follows. Stockholders made only one investment and there were no dividend payments.
| Cash + | Accounts receivable + | Equipment = | Accounts payable + | Common stock | Retained + earnings | |
| 1 | + 31,000 | + 31,000 | ||||
| 2 | + 3,800 | + 3,800 | ||||
| 3 | + 13,400 | + 13,400 | ||||
| 4 | + 190 | − 190 | ||||
| 5 | − 410 | + 410 | ||||
| 6 | − 8,000 | − 8,000 | ||||
| 7 | + 790 | +790 | ||||
| 8 | − 1,500 | − 1,500 | ||||
Requirements
1. Describe each transaction.
2. If these transactions fully describe the operations of All−in−one Accounting Service, Inc., during the
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