Brantley Shumaker opened a public relations firm called Gold Star Services on August 1, 2025. The following
Question:
Brantley Shumaker opened a public relations firm called Gold Star Services on August 1, 2025. The following amounts summarize the business on August 31, 2025:
During September 2025, the business completed the following transactions:
a. Shumaker contributed \($13,000\) cash in exchange for capital.
b. Performed service for a client and received cash of \($900.
c. Paid off the beginning balance of accounts payable.
d. Purchased supplies from OfficeCo. on account, \($600.
e. Collected cash from a customer on account, \($2,300.
f. Shumaker withdrew cash of \($1,600.
g. Consulted for a new band and billed the client for services rendered, \($5,500.
h. Recorded the following business expenses for the month:
Paid office rent: \($1,200.
Paid\) advertising: \($600.
Analyze\) the effects of the transactions on the accounting equation of Gold Star Services using the format presented in Exhibit F:1-5.
Step by Step Answer:
Horngrens Accounting The Financial Chapters
ISBN: 9780137884858
14th Edition
Authors: Brenda Mattison, Tracie Miller-Nobles