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An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries, and $500 for utilities. Instructions(a) Describe each

An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries, and $500 for utilities.

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Instructions(a) Describe each transaction that occurred for the month.(b) Determine how much owner??s equity increased for the month.(c) Compute the amount of net income for themonth.

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S. Moses, S. Moses, Accounts Payable + Capital +$15,000 Accounts Office + Receivable + Supplies +Equipment Drawings + Revenues - Expenses Cash 1.+$15,000 +$3.000 +$5,000 3. -750 +$750 +$3,700 4. +4,600 +$8,300 -1.500 6. -2,000 -$2,000 7. -$650 -650 8. -450 +450 9. -4,900 -4,900 -500 10. +500

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a 1 Owner invested 15000 cash in the business 2 Purchased office equipmen…View the full answer


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Related Book For  answer-question
Accounting Principles

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Details
Chapter # 1- Accounting in Action
Section: Exercises
Problem: 8
Posted Date: September 20, 2011 07:50:53
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