Question: The Copy Center had the transactions listed below during the month of June. Show how each transaction would be recorded in the accounting equation. Compute
The Copy Center had the transactions listed below during the month of June. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The headings to be used in the equation follow.
.png)
TRANSACTIONS
1. John Amos started the business with a cash investment of $60,000.
2. Purchased equipment for $22,000 on credit.
3. Performed services for $3,100 in cash.
4. Purchased additional equipment for $4,600 in cash.
5. Performed services for $5,050 on credit.
6. Paid salaries of $4,450 to employees.
7. Received $3,200 cash from charge account customers.
8. Paid $13,000 to a creditor on account.
Assets Liabilities+ Owner's Equity Accounts Accounts John Amos, CashReceivableEquipmentPayable Capital Revenue -Expenses
Step by Step Solution
3.29 Rating (161 Votes )
There are 3 Steps involved in it
Assets Liabilities Owners Equity Cash Accounts Receivable Equipment Account... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
1279-B-A-P(1124).docx
120 KBs Word File
