Tabor Hill Website Designers entered into the following transactions during February 2019. Analyze each of the...

 

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Tabor Hill Website Designers entered into the following transactions during February 2019. Analyze each of the following transactions. Complete the table below indicating the effect of the transaction (specify asset/liability/ equity account affected, indicate if it increases/decreases or use+and-signs) and the dollar amount. (a) Provide website design services for $40,000 and received cash. (b) Provide website design services to Acme Company, for $20,000 on account. We expect Acme to pay in the future. (c) Collect $18,000 from Acme Company on account. (d) Sell a $1,000 gift certificate. (e) Customer redeems $1,000 gift certificate for website design services. (f) Paid employees $16,000 earned as salaries for February 2019. (g) Paid $3,000 insurance for next year in advance. (h) Received $250 telephone bill for the month, to be paid next month. (1) Borrow $15,000 signing a note payable to the bank that is due in three months. (i) Acquire a $15,000 computer by paying cash. (k) Sign a contract for website design for $10,000. Work on the design will begin in April 2019. Equity Number Assets Liabilities Tabor Hill Website Designers entered into the following transactions during February 2019. Analyze each of the following transactions. Complete the table below indicating the effect of the transaction (specify asset/liability/ equity account affected, indicate if it increases/decreases or use+and-signs) and the dollar amount. (a) Provide website design services for $40,000 and received cash. (b) Provide website design services to Acme Company, for $20,000 on account. We expect Acme to pay in the future. (c) Collect $18,000 from Acme Company on account. (d) Sell a $1,000 gift certificate. (e) Customer redeems $1,000 gift certificate for website design services. (f) Paid employees $16,000 earned as salaries for February 2019. (g) Paid $3,000 insurance for next year in advance. (h) Received $250 telephone bill for the month, to be paid next month. (1) Borrow $15,000 signing a note payable to the bank that is due in three months. (i) Acquire a $15,000 computer by paying cash. (k) Sign a contract for website design for $10,000. Work on the design will begin in April 2019. Equity Number Assets Liabilities

Answer rating: 100% (QA)

Number a Assets Cash 40000 Liability None Equity None Number b Assets Account... View the full answer