Question: Problem 2 . 2 A ( Algo ) Analyzing the effects of transactions on the accounting equation. LO 2 - 1 , 2 - 2
Problem A Algo Analyzing the effects of transactions on the accounting equation. LO
Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firms financial records showed the following assets, liabilities, and owners equity.
Cash $
Accounts receivable
Office furniture
Auto
Accounts payable
Carter Wilson, Capital
Revenue
Expenses
TRANSACTIONS
Performed services for $ on credit.
Paid $ in cash for new office chairs.
Received $ in cash from credit clients.
Paid $ in cash for telephone service.
Sent a check for $ in partial payment of the amount due creditors.
Paid salaries of $ in cash.
Sent a check for $ to pay electric bill.
Performed services for $ in cash.
Paid $ in cash for auto repairs.
Performed services for $ on account.
Enter the above transactions into the following accounting equations.
Analyze:
What is the amount of total assets after all transactions have been recorded?
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