John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets = Liabilities + Owner's Equity a. Invested cash in the business, $29,000. fill in the blank 1 fill in the blank 2 fill in the blank 3 Bal. fill in the blank 4 fill in the blank 5 fill in the blank 6 b. Bought office equipment on account, $7,700. fill in the blank 7 fill in the blank 8 fill in the blank 9 Bal. fill in the blank 10 fill in the blank 11 fill in the blank 12 c. Bought office equipment for cash, $2,000. (Enter the change in Cash on the first line and the change in Equipment on the second line) fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Bal. fill in the blank 19 fill in the blank 20 fill in the blank 21 d. Paid cash on account to supplier in transaction (b), $2,000. fill in the blank 22 fill in the blank 23 fill in the blank 24 Bal. fill in the blank 25 fill in the blank 26 fill in the blank 27
John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets = Liabilities + Owner's Equity a. Invested cash in the business, $29,000. fill in the blank 1 fill in the blank 2 fill in the blank 3 Bal. fill in the blank 4 fill in the blank 5 fill in the blank 6 b. Bought office equipment on account, $7,700. fill in the blank 7 fill in the blank 8 fill in the blank 9 Bal. fill in the blank 10 fill in the blank 11 fill in the blank 12 c. Bought office equipment for cash, $2,000. (Enter the change in Cash on the first line and the change in Equipment on the second line) fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Bal. fill in the blank 19 fill in the blank 20 fill in the blank 21 d. Paid cash on account to supplier in transaction (b), $2,000. fill in the blank 22 fill in the blank 23 fill in the blank 24 Bal. fill in the blank 25 fill in the blank 26 fill in the blank 27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 1CP
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John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the
Assets | = | Liabilities | + | Owner's Equity | |
---|---|---|---|---|---|
a. Invested cash in the business, $29,000. | |||||
fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | |||
Bal. | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 | ||
b. Bought office equipment on account, $7,700. | |||||
fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | |||
Bal. | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | ||
c. Bought office equipment for cash, $2,000. (Enter the change in Cash on the first line and the change in Equipment on the second line) | |||||
fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | |||
fill in the blank 16 | fill in the blank 17 | fill in the blank 18 | |||
Bal. | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | ||
d. Paid cash on account to supplier in transaction (b), $2,000. | |||||
fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | |||
Bal. | fill in the blank 25 | fill in the blank 26 | fill in the blank 27 |
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