account 1

Project Description:

effects of transactions (balance sheet accounts) alice stem started a business.
during the first month (february 20-), the following transactions occurred. show the effect of each
transaction on the accounting equation: assets = liabilities + owner's equity. after each transaction, show
the new totals.
l_~_as_s_e_~_fl_oll_o_w___m(_dg_):_$_2_2_'o_oo _
e 2-3a (l03/4)
(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.
i e 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.
financial statement accounts label each of the following accounts as an asset (a), liability
(l), owner's equity (oe), revenue (r), or expense (e). indicate the financial statement on which the account
college accounting, chapters 1-27, 20th edition
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