college accounting

Project Description:

jay pembroke started a business. during the first month (april 20--), the following transactions occurred.

invested cash in business, $18,000.
bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
paid one-year insurance premium, $1,200.
earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
paid office rent for the month, $750.
withdrew cash for personal use, $100.

required:

show the effect of each transaction on the individual accounts of the expanded accounting equation: assets = liabilities + owner's equity (capital - drawing + revenues - expenses). after transaction (g), report the totals for each element. if an amount box does not require an entry, leave it blank.
assets = liabilities + owner's equity
cash + accounts receivable + office supplies + prepaid insurance = accounts payable + j. pembroke, capital - j. pembroke, drawing + revenues - expenses description
a.
b.
c.
d.
e.
f.
g.
bal.

demonstrate that the accounting equation has remained in balance.
cash $
accounts receivable
office supplies
prepaid insurance
total assets $
accounts payable $
jay pembroke, capital
jay pembroke, drawing
service fees
rent expense
total liabilities and owner's equity $
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Price Type: Negotiable

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