Teri West operates her own catering service. Summary financial data for July are presented in equation form
Question:
a. Describe each transaction.
b. What is the amount of the net increase in cash during the month?
c. What is the amount of the net increase in owner's equity during the month?
d. What is the amount of the net income for the month?
e. How much of the net income for the month was retained in the business?
Transcribed Image Text:
= Liabilities + Owner's Equity Teri West, Drawing + Earned -Expenses Assets Terl West Cash +Supplles LandPayableCapital 117,500 Accounts Fees Ba 40,000 3,000 82,000 1. +71,800 2. -15,000 7,500 +71,800 +15,000 47,500 -47,500 +1,100 +1,100 4 5.-5,000 6. -4,000 -5,000 -4,000 -1,500 Ba. 40,300 2,600 -1,500 71,800-49,000 97,000 4,600 117,500 -5,000
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a 1 Provided catering services for cash 71800 2 Purchase of land for cash 150...View the full answer
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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