25% of available points for each transaction, indicate the impact on total assets, total liabilities and...

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25% of available points for each transaction, indicate the impact on total assets, total liabilities and total equity. Enter decreases as negative values. If there is no impact, either enter a 0, or leave cell blank. The system will calculate the cumulative amounts in the bottom row. Upon completion, compare the totals to the balance sheet. Is your accounting equation in balance? Show less A August 31 Balances Sept. 1 Issued Check 1169 for $2,000 to pay the September rent. Sept. 5 Performed services for $4,000 in cash. Sept. 6 Performed services for $2,950 on credit. Sept. 10 Paid $900 for monthly telephone bill; issued Check 1170. Sept. 11 Paid for equipment repairs of $1,050 with Check 1171. Sept. 12 Received $1,500 on account from credit clients. Sept. 15 Issued Checks 1172-1177 for $5,200 for salaries. Sept. 18 Issued Check 1178 for $2,700 to purchase supplies. Sept. 19 Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days. Sept. 20 Issued Check 1179 for $3,820 to purchase new nets. (Equip.) Sept. 21 Received $500 on account from credit clients. Sept. 21 Returned a damaged net and received a cash refun of $570. Sept. 22 Performed services for $3,480 in cash. Sept. 23 Performed services for $5,050 on credit. Sept. 26 Issued Check 1180 for $620 to purchase supplies. Sept. 28 Paid the monthly electric bill of $2,500 with Check 1181. Sept. 30 Issued Checks 1182-1187 for $5,200 for salaries. Sept. 30 Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses. Totals - Should agree with Balance Sheet Total Assets = 40,000 $ $ 40,000 Balance Sheet Total Liabilities $ $ + Total Equity 40,000 0 $ 0 $ 40,000 25% of available points for each transaction, indicate the impact on total assets, total liabilities and total equity. Enter decreases as negative values. If there is no impact, either enter a 0, or leave cell blank. The system will calculate the cumulative amounts in the bottom row. Upon completion, compare the totals to the balance sheet. Is your accounting equation in balance? Show less A August 31 Balances Sept. 1 Issued Check 1169 for $2,000 to pay the September rent. Sept. 5 Performed services for $4,000 in cash. Sept. 6 Performed services for $2,950 on credit. Sept. 10 Paid $900 for monthly telephone bill; issued Check 1170. Sept. 11 Paid for equipment repairs of $1,050 with Check 1171. Sept. 12 Received $1,500 on account from credit clients. Sept. 15 Issued Checks 1172-1177 for $5,200 for salaries. Sept. 18 Issued Check 1178 for $2,700 to purchase supplies. Sept. 19 Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days. Sept. 20 Issued Check 1179 for $3,820 to purchase new nets. (Equip.) Sept. 21 Received $500 on account from credit clients. Sept. 21 Returned a damaged net and received a cash refun of $570. Sept. 22 Performed services for $3,480 in cash. Sept. 23 Performed services for $5,050 on credit. Sept. 26 Issued Check 1180 for $620 to purchase supplies. Sept. 28 Paid the monthly electric bill of $2,500 with Check 1181. Sept. 30 Issued Checks 1182-1187 for $5,200 for salaries. Sept. 30 Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses. Totals - Should agree with Balance Sheet Total Assets = 40,000 $ $ 40,000 Balance Sheet Total Liabilities $ $ + Total Equity 40,000 0 $ 0 $ 40,000

Answer rating: 100% (QA)

The balance sheet equation states that Total Assets ... View the full answer