FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Liquidity Risk Exposure
Answer: c
Question

In the first picture, it's the question to be solved by just providing the transactions and showing its affects on other factors like asset, liability etc

In the second picture, it's the example given. By following this way, we need to solve the whole question . Please help me solving this problem. I'm waiting for the response. 

Thankyou!

Stu Axe, an architect, opened an office on April 1, 2006. During the month, he comr pleted the following transactions connected with his professional practice: and a. Transferred cash from a personal bank account to an account to be used for the business, $17,500. b. Purchased used automobile for $17.000, paying $2,000 cash and giving a note payable for the remainder. c. Paid April rent for office and workroom, $2,200. d. Paid cash for supplies, S660. e. Purchased office and computer equipment on acCount, $5,200. f. Paid cash for annual insurance policies on automobile and equipment, $1,200. g. Received cash from a client for plans delivered, $3,725. h. Paid cash to creditors on account, $1,800. i. Paid cash for miscellaneous expenses, $235. j. Received invoice for blueprint service, due in May, $650. k. Recorded fee earned on plans delivered, payment lo be received in May, $3,500. 1. Paid salary of assistant, $1,300. mm. Paid cash for miscellancous expenses, $105. n. Paid installment due on note payable, $200. o. Paid gas, oil, and repairs on automobile for April, $115. Instructions 1 Record the foregoing transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automo- biles: Equipment; Notes Payable; Accounts Payable; Stu Axe, Capital; Professional Fees: Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Mis- cellaneous Expense. To the left of each amount entered in the accounts., place the appropriate letter to identify the transaction.
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Transcribed Image Text:Stu Axe, an architect, opened an office on April 1, 2006. During the month, he comr pleted the following transactions connected with his professional practice: and a. Transferred cash from a personal bank account to an account to be used for the business, $17,500. b. Purchased used automobile for $17.000, paying $2,000 cash and giving a note payable for the remainder. c. Paid April rent for office and workroom, $2,200. d. Paid cash for supplies, S660. e. Purchased office and computer equipment on acCount, $5,200. f. Paid cash for annual insurance policies on automobile and equipment, $1,200. g. Received cash from a client for plans delivered, $3,725. h. Paid cash to creditors on account, $1,800. i. Paid cash for miscellaneous expenses, $235. j. Received invoice for blueprint service, due in May, $650. k. Recorded fee earned on plans delivered, payment lo be received in May, $3,500. 1. Paid salary of assistant, $1,300. mm. Paid cash for miscellancous expenses, $105. n. Paid installment due on note payable, $200. o. Paid gas, oil, and repairs on automobile for April, $115. Instructions 1 Record the foregoing transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automo- biles: Equipment; Notes Payable; Accounts Payable; Stu Axe, Capital; Professional Fees: Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Mis- cellaneous Expense. To the left of each amount entered in the accounts., place the appropriate letter to identify the transaction.
Wwith dyaw cash foi pusonel use $300 Derawings Capital....Darease...Dy Cash Asset. ... Deucere.. Cy.
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Transcribed Image Text:Wwith dyaw cash foi pusonel use $300 Derawings Capital....Darease...Dy Cash Asset. ... Deucere.. Cy.
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