Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21,100 -5,900 -15,200

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21,100 -5,900 -15,200

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 20P

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