Record the following transactions into the expanded accounting equation for Mark’s Accounting Firm. Note that all accounts have beginning balances. (You will need to determine the beginning capital balance.)

a. Provided accounting services for cash, $3,500

b. Billed customers for services rendered, $2,800

c. Received and paid the monthly utility bill, $400

d. Collected $1,000 on account from customers

e. Paid supplies expense, $300

f. Withdrew $400 cash for personal use

Mark's Accounting Firm

		ASSETS	=	LIAB.	OWNER'S EQUITY
	Cash +	Accts.Rec.	=	Accts Payable	Mark's Capital	+Rev.	-Exp	-Mark's Withdrawal
beg.	$2,800	$300	=	$700	??
a.
b.
c.
d.
e.
f.
T

Answer rating: 100% (QA)

ASSETS LIABILITIES OWNERS EQUITY Marks Cash Acctsrec Ac... View the full answer