1. Set up an expanded accounting equation spreadsheet using the following accounts:

Assets	Liabilities	Owner’s Equity
Cash	Accounts payable	Feldman, Capital
Supplies		Feldman, Withdrawal
Computer Shop Equipment		Services Revenue
Office Equipment		Expenses (notate type)

2. Analyze and record each transaction in the expanded accounting equation.

3. Prepare the financial statements ending July 31 for Smith Computer Center. On July 1, 201X, Thad Feldman decided to begin his own computer service business. He named the business the Smith Computer Center. During the first month, Thad conducted the following business transactions:

a. Invested $6,000 of his savings into the business.

b. Paid $1,800 (check #8095) for the computer from A-Tech, Inc.

c. Paid $3,300 (check #8096) for office equipment from Bertha and Pac Furniture, Inc.

d. Set up a new account with The Staple Store and purchased $200 in office supplies on credit.

e. Paid July rent, $500 (check #8097).

f. Repaired a system for a customer and collected $800.

g. Collected $600 for system upgrade labor charge from a customer.

h. Electric bill due but unpaid, $75.

i. Collected $1,800 for services performed on Phil's Photography computers.

j. Withdrew $175 (check #8098) to take his wife, Chelsea, out in celebration of opening the new business.

Answer rating: 100% (QA)

Assets Liabilities Cash Supplies Computer shop equipment Office equipment Accounts p... View the full answer