Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000, Accounts receivable $0; Land $ 30,000; Building $0, Supplies $0; Accounts payable $0, Notes payable $0; Quality-capital $70,000, Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: 1 State the effect each transaction from June 1st -30th will have on the accounting equation. For example, the transaction increased asset and increased capital; th

Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000, Accounts receivable $0; Land $ 30,000; Building $0, Supplies $0; Accounts payable $0, Notes payable $0; Quality-capital $70,000, Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: 1 State the effect each transaction from June 1st -30th will have on the accounting equation. For example, the transaction increased asset and increased capital; th

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EB: For each of the following, indicate if the statement reflects an input component, output component,...

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