^ 1-44 Problems Group A P-F:1-41A. Using the accounting equation for transaction analysis (Learning Objective 4) Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024: ASSETS Cash + Accounts + Office+ Land Receivable Supplies $0 +$15,000 Bal. $1,900+ $3,200 + LIABILITIES + Accounts Payable $5,000 Contributed Capital + EQUITY Retained Earnings Common -Dividends + Service Stock + $11,900 Rent-Advertising Expense Revenue Expense + $3,200 During September 2024, the business completed the following transactions: a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock. b. Performed service for a client and received cash of $800. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,200. e. Collected cash from a customer on account, $2,000. f. Cash dividends of $1,600 were paid to stockholders. g. Consulted for a new band and billed the client for services rendered, $4,500. h. Recorded the following business expenses for the month: Paid office rent: $1,000. Paid advertising: $500. Analyze the effects of the transactions on the accounting equation of Solid Gold using the format presented in Exhibit F:1-6.
^ 1-44 Problems Group A P-F:1-41A. Using the accounting equation for transaction analysis (Learning Objective 4) Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024: ASSETS Cash + Accounts + Office+ Land Receivable Supplies $0 +$15,000 Bal. $1,900+ $3,200 + LIABILITIES + Accounts Payable $5,000 Contributed Capital + EQUITY Retained Earnings Common -Dividends + Service Stock + $11,900 Rent-Advertising Expense Revenue Expense + $3,200 During September 2024, the business completed the following transactions: a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock. b. Performed service for a client and received cash of $800. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, $1,200. e. Collected cash from a customer on account, $2,000. f. Cash dividends of $1,600 were paid to stockholders. g. Consulted for a new band and billed the client for services rendered, $4,500. h. Recorded the following business expenses for the month: Paid office rent: $1,000. Paid advertising: $500. Analyze the effects of the transactions on the accounting equation of Solid Gold using the format presented in Exhibit F:1-6.
Chapter2: Developing The Business Idea
Section: Chapter Questions
Problem 1kM
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Transcribed Image Text:QHorngre X G horngre
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End of Chapter: Accounting and the Business Environment
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Problems Group A
P-F:1-41A. Using the accounting equation for transaction analysis
(Learning Objective 4)
ASSETS
Meg McKinney opened a public relations firm called Solid Gold on
August 1, 2024. The following amounts summarize her business on
August 31, 2024:
TutorM X | G horngre
Cash + Accounts + Office + Land
Receivable Supplies
$0
Bal. $1,900 + $3.200 +
transactions:
+$15,000
LIABILITIES +
Contributed
Capital +
Accounts + Common
Stock
Payable
$5,000 $11.900
-
EQUITY
During September 2024, the business completed the following
Retained Earnings
Dividends & Service Rent - Advertising
Revenue Expense Expense
+ $3,200
a. Received contribution of $17,000 cash from Meg McKinney in
exchange for common stock.
b. Performed service for a client and received cash of $800.
c. Paid off the beginning balance of accounts payable.
d. Purchased office supplies from OfficeMax on account, $1,200.
e. Collected cash from a customer on account, $2,000.
f. Cash dividends of $1,600 were paid to stockholders.
g. Consulted for a new band and billed the client for services
rendered, $4,500.
h. Recorded the following business expenses for the month:
Paid office rent: $1,000.
1-44
× |
X
Paid advertising: $500.
Analyze the effects of the transactions on the accounting equation of
Solid Gold using the format presented in Exhibit F:1-6.
ChatGP
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