Matilda Clifford opened a public relations firm called Super Starz on August 1, 2024. The following...
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Matilda Clifford opened a public relations firm called Super Starz on August 1, 2024. The following amounts summarize her business on August 31, 2024: (Click the icon to view the amounts.) During September 2024, the business completed the following transactions: (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Super Starz. The beginning balances given in the question have been entered for you. Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your tran lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap Clifford, Capital; Exp. Expense; Liab=Liabilities; Rev. Revenue; Sup. Supplies; Withdr. Clifford, Withdrawals.) ASSETS LIAB. Cash A/R + Office Land = A/P Cap. Withdr. EQUITY + Service Rent - Adv. Sup. Rev. Exp. Exp. Bal. 2,500 3,100 0 13,000 = 6,000 9,500 0 3,100 0 0 $200 a. Bal. Data table Cash Bal. $2,500 ASSETS Accounts Office LIABILITIES + Receivable + Supplies Land = $3,100 + SO + $13,000 = Accounts Payable $6,000 Clifford, + Capital $9,500 Clifford, - Withdrawals EQUITY Service +Revenue $3,100 Rent Expense Advertising - Expense Print Done More info a. Matilda Clifford contributed $11,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. C. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $200. e. Collected cash from a customer on account, $1,700. f. Clifford withdrew $1,700. g. Consulted for a new band and billed the client for services rendered, $6,500. h. Recorded the following business expenses for the month: 1. Paid office rent: $900. 2. Paid advertising: $800. Print Done Matilda Clifford opened a public relations firm called Super Starz on August 1, 2024. The following amounts summarize her business on August 31, 2024: (Click the icon to view the amounts.) During September 2024, the business completed the following transactions: (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Super Starz. The beginning balances given in the question have been entered for you. Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your tran lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap Clifford, Capital; Exp. Expense; Liab=Liabilities; Rev. Revenue; Sup. Supplies; Withdr. Clifford, Withdrawals.) ASSETS LIAB. Cash A/R + Office Land = A/P Cap. Withdr. EQUITY + Service Rent - Adv. Sup. Rev. Exp. Exp. Bal. 2,500 3,100 0 13,000 = 6,000 9,500 0 3,100 0 0 $200 a. Bal. Data table Cash Bal. $2,500 ASSETS Accounts Office LIABILITIES + Receivable + Supplies Land = $3,100 + SO + $13,000 = Accounts Payable $6,000 Clifford, + Capital $9,500 Clifford, - Withdrawals EQUITY Service +Revenue $3,100 Rent Expense Advertising - Expense Print Done More info a. Matilda Clifford contributed $11,000 cash in exchange for capital. b. Performed service for a client and received cash of $1,200. C. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $200. e. Collected cash from a customer on account, $1,700. f. Clifford withdrew $1,700. g. Consulted for a new band and billed the client for services rendered, $6,500. h. Recorded the following business expenses for the month: 1. Paid office rent: $900. 2. Paid advertising: $800. Print Done
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Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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