Question: Shuo Lin opened a yoga centre titled Shuo Lin Yoga

Shuo Lin opened a yoga centre titled Shuo Lin Yoga, Inc. During January, the first month of operations, the business experienced the following events:
Jan 2 Shuo Lin bought $80,000 of shares in the business by opening a bank account in the name of Shuo Lin Yoga, Inc.
6 The business paid $30,000 cash for land with the intention of building an office building on the land.
11 The business purchased supplies for $600 on account.
15 The business officially opened for business.
17 The business earned revenue of $13,000, receiving cash.
19 The business paid office rent, $1,100.
22 The business sold supplies to another yoga studio for the cost of those supplies, $400.
30 The business paid $150 on account related to the January 11 purchase.
Analyze the effects of these events on the accounting equation of the yoga centre of Shuo Lin Yoga, Inc. Use headings for Cash, Supplies, Land, Accounts Payable, Common Shares, Service Revenue, and Rent Expense.

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  • CreatedJuly 08, 2015
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