eBook Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month...

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eBook Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $17,500. b. Bought office supplies for $4,400: $1,900 in cash and $2,500 on account. c. Paid one-year insurance premium, $1,500. d. Earned revenues totaling $3,500: $1,500 in cash and $2,000 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,150. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $150. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. a. b. C. d. e. f. Assets = Liabilities + Owner's Equity (Items Owned) (Amts. Owed) (Owner's Investment) (Earnings) J. J. Cash + Accounts Receivable + Office Supplies + Prepaid Insurance = Accounts Payable + Pembroke, Capital Pembroke, + Revenues Drawing - Expenses Description Previous All work saved. Save and Exit Submit Assignment for Grading eBook Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $17,500. b. Bought office supplies for $4,400: $1,900 in cash and $2,500 on account. c. Paid one-year insurance premium, $1,500. d. Earned revenues totaling $3,500: $1,500 in cash and $2,000 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,150. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $150. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. a. b. C. d. e. f. Assets = Liabilities + Owner's Equity (Items Owned) (Amts. Owed) (Owner's Investment) (Earnings) J. J. Cash + Accounts Receivable + Office Supplies + Prepaid Insurance = Accounts Payable + Pembroke, Capital Pembroke, + Revenues Drawing - Expenses Description Previous All work saved. Save and Exit Submit Assignment for Grading