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tomework B

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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, $$18,000$

b$.$ Bought office supplies for $$4,600$:$$2,000$ in cash and $$2,600$ on account

c$.$ Paid one$-$year insurance premium, $$1,200.$

d$.$ Earned revenues totaling $$3,300$:$$1,300$ in cash and $$2,000$ on account

e$.$ Paid cash on account to the company that supplied the office supplies in transaction $($b$),$ $$2,300$

f$.$ Paid office rent for the month, $$750.$

g$.$ Withdrew cash for personal use, $$100$

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.

$\backslash$table$[[,\backslash$table$[[$Assets$],[($Items Owned$)]],\backslash$table$[[\backslash$table$[[=$ Llabilitles$],[($Amts$.],[$Owed$)]]]],\backslash$table$[[($Owner$\text{'}$s Investment$)]]],[,$Cash,,$\backslash$table$[[$Accounts$],[$Recelvable$]],\backslash$table$[[$orfice$],[$supplles$]],+,\backslash$table$[[$Prepald$],[$Insurance$]],=,\backslash$table$[[$Accounts$],[$Payable$]],,\backslash$table$[[$J$.],[$Pembroke$,],[$Capital$]],\backslash$table$[[$J$.],[$Pembroke$],[$Drawing$]]],[$a$.,18,000,,,\backslash ,,,,,,,],[$o$.,,,,,,,,,,,],[$c$.,,,,4600,,7,,,,,],[$d$.,,,,(,,,,,,,],[$e$.,5$ix$*,,,.,,,,,,,],[$f$.,,,,,,,,,,,],[9.,,,,,,,,,,,],[$Bal$.,,,+,,+,,=,,+,,],[,$work $3,,$HWWa,Prevous,Next$>]]$