FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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D. Stone Surveying Co completed these transactions during April of the current year: Began a surveying company by investing $10,000 in cash and office equipment having a $4575 fair value. Apr 1 Apr 2 Apr 3 Apr 8 Purchased on credit office supplies, $450, and office equipment, $300. Completed surveying work for client and was paid immediately $500 Completed surveying work for Acme Loan Co $1500 on credit Paid for the items purchased on credit on April 2. Apr. 14 Paid $2400 premium for the annual insurance policy. Apr. 15 Paid semi monthly wages of $1500 Apr. 18 Received payment in full from Acme Loan Co, for the work completed on April 8. Apr. 27 D. Stone withdrew $1100 cash from the business to pay personal expenses. Apr. 30 Paid the April telephone bill, $160. Prepare general journal entries to record the transactions. Use the attached Word File 20 marks
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Transcribed Image Text:D. Stone Surveying Co completed these transactions during April of the current year: Began a surveying company by investing $10,000 in cash and office equipment having a $4575 fair value. Apr 1 Apr 2 Apr 3 Apr 8 Purchased on credit office supplies, $450, and office equipment, $300. Completed surveying work for client and was paid immediately $500 Completed surveying work for Acme Loan Co $1500 on credit Paid for the items purchased on credit on April 2. Apr. 14 Paid $2400 premium for the annual insurance policy. Apr. 15 Paid semi monthly wages of $1500 Apr. 18 Received payment in full from Acme Loan Co, for the work completed on April 8. Apr. 27 D. Stone withdrew $1100 cash from the business to pay personal expenses. Apr. 30 Paid the April telephone bill, $160. Prepare general journal entries to record the transactions. Use the attached Word File 20 marks
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