1. The transactions for the first month of business for Spalding Consultants appear below: 1. Borrowed...

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1. The transactions for the first month of business for Spalding Consultants appear below: 1. Borrowed $6 000 from the bank. 2. Paid $1 500 for rent 3. Alisha Dodds, the owner, invested $4 000 in the business. 4. Purchased $800 of supplies on account from Percy's Office Outfitters. 5. Sold services for $1 200 cash. 6. Paid $160 for the monthly telephone charges. 7. Sold services on account for $2 500 to Sarah McNeil. 8. Paid wages, $1 800. 9. Alisha Dodds, the owner, withdrew $1 400 for personal use. 10. Received a hydro bill from Northern Utilities for $400, due in 15 days. A. Use T-accounts set up for you in your workbook for the above transactions. Record them in the same way you did in Chapter 4. In other words, record all equity transactions in the A. Dodds, Capital account. B. Calculate the final balances in the accounts. Show that the ledger balances by placing the total of the debits and credits in the spaces provided. C. To test your understanding of Section 5. 1, duplicate the equity portions of the transactions by transferring each amount in A. Dodds, Capital to the proper account in the Expanded Ledger section that appears in your workbook. D. In the Expanded Ledger section, subtract the debit account balances from credit account balances. Record the total in the space provided. What other amount does this total match? E. Calculate the net income or net loss for the first month. Label your amounts. 1. The transactions for the first month of business for Spalding Consultants appear below: 1. Borrowed $6 000 from the bank. 2. Paid $1 500 for rent 3. Alisha Dodds, the owner, invested $4 000 in the business. 4. Purchased $800 of supplies on account from Percy's Office Outfitters. 5. Sold services for $1 200 cash. 6. Paid $160 for the monthly telephone charges. 7. Sold services on account for $2 500 to Sarah McNeil. 8. Paid wages, $1 800. 9. Alisha Dodds, the owner, withdrew $1 400 for personal use. 10. Received a hydro bill from Northern Utilities for $400, due in 15 days. A. Use T-accounts set up for you in your workbook for the above transactions. Record them in the same way you did in Chapter 4. In other words, record all equity transactions in the A. Dodds, Capital account. B. Calculate the final balances in the accounts. Show that the ledger balances by placing the total of the debits and credits in the spaces provided. C. To test your understanding of Section 5. 1, duplicate the equity portions of the transactions by transferring each amount in A. Dodds, Capital to the proper account in the Expanded Ledger section that appears in your workbook. D. In the Expanded Ledger section, subtract the debit account balances from credit account balances. Record the total in the space provided. What other amount does this total match? E. Calculate the net income or net loss for the first month. Label your amounts.

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Spalding Consultants First Month Transactions A TAccounts using your provided workbook Account Name ... View the full answer