Question: Missy Mansion opened a public relations from called Solid cold on August 1, 2016. The following amounts summerizes her business on August 31, 2016. During
Missy Mansion opened a public relations from called Solid cold on August 1, 2016. The following amounts summerizes her business on August 31, 2016. During September 2016, the business completed the following transactions. Analyze the effects of the transactions on the accounting equation of Solid Cold. Analyze the events chronologically, one transaction at a time. Beginning with transaction in, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Compare only the necessary transaction lines. |Do not refer any zeros for your transaction lines| Carry down all balances to the "Bal" line, including zero balance accounts, entering a "0" for any zero balances. Enter a decision in an account with a minus sign. Abbreviations used: A/P = Accounts Payable, A/R = Accounting Receivable, Adv = Advertsing; Cap = Mansion; Exp = Expression, Liab = Liab Missy Mansion contributed $8,000 cash in exchange for capital. Performed service for a client and receivable cash of $1, 300. Pad off the beginning balance of accounts payable. Purchased office supplies from Office on account $400 Collected cash from a customer on account, $2, 200. Missy withdrawn $1, 800. Consulted for a new band and billed the client for services rendered, $6, 500. Recorded the following business expenses for the month Paid office rent $1, 400. Paid advertising $350
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
