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a_s_s_e_~_fl_oll_o_w_m(_dg_):_$_2_2_'o_oo _
(a) invested cash in the business, $20,000.
(b) bought office equipment on account, $3,500.
(c) bought office equipment for cash, $1,200.
(d) paid cash on account to supplier in transaction (b), $1,500.
ie 2-4a (l03/4)
assets following (k): $23,427
effects of transactions (revenue, expense, withdrawals) this exercise is an extension of exercise 2-3a. assume alice stem completed the following additional transactions during february. show the effect of each transaction on the basic elements of the expanded accounting equation:
assets = liabilities +owner's equity (capital- drawing +revenues - expenses). after transaction (k), report the totals for each element. demonstrate that the accounting equation has remained in balance.
(e) received cash from a client for professional services, $2,500. (t) paid office rent for february, $900.
(g) paid february telephone bill, $73.
(h) withdrew cash for personal use, $500.
(i) performed services for clients on account, $1,000.
(j) paid wages to part-time employee, $600.
(k) received cash for services performed on account in transaction (i), $600.
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