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