Fleming?s Logistics Consulting has the following transactions during August. Aug. 1 Received $17,970 cash from the company?s

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Fleming?s Logistics Consulting has the following transactions during August. Aug. 1 Received $17,970 cash from the company?s owner, Barbara Fleming.

4 Paid rent in advance for three months, $4,720.

5 Purchased $625 of office supplies on account.

6 Received $560 from clients for services provided.

17 Billed clients $1,210 for services provided.

27 Paid secretary $980 salary.

29 Paid the company?s owner, Barbara Fleming, $720 cash for personal use.

For each transaction, indicate?

(a) The basic type of account to be debited and credited (asset, liability, owner?s equity);?

(b) The specific accounts to debit and credit (for example, Cash, Service Revenue, Accounts Payable);?

(c) Whether each account is increased (+) or decreased (?), and by what amount. Use the following format, in which the first one has been done for you as an example:

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Related Book For  answer-question

Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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