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+ Soo Lin began an Internet Consulting practice and completed these transactions during April of the current year: April 1 2 3 4 8 15 20 30 30 Invested $100,000 of her personal savings into a checking account opened in the name of the business Rented office space and paid $1,200 cash for the month of September Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. Purchased office supplies for $750 cash Completed work for a client and immediately collected $2,700 cash for the services. Completed $3,600 services for a client on credit Received $3,600 from a client for the work completed on September 15 Paid the office secretary's monthly salary, $3,000 cash Lin withdrew $2,000 for personal use. Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example. (Increase = 1, Decrease = D, No Effect = N) Date Assets Liabilities Equity April 1 I N I

+ Soo Lin began an Internet Consulting practice and completed these transactions during April of the current year: April 1 2 3 4 8 15 20 30 30 Invested $100,000 of her personal savings into a checking account opened in the name of the business Rented office space and paid $1,200 cash for the month of September Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. Purchased office supplies for $750 cash Completed work for a client and immediately collected $2,700 cash for the services. Completed $3,600 services for a client on credit Received $3,600 from a client for the work completed on September 15 Paid the office secretary's monthly salary, $3,000 cash Lin withdrew $2,000 for personal use. Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example. (Increase = 1, Decrease = D, No Effect = N) Date Assets Liabilities Equity April 1 I N I

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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+ Soo Lin began an Internet Consulting practice and completed these transactions during April of the current year: April 1 2 3 4 8 15 20 30 30 Invested $100,000 of her personal savings into a checking account opened in the name of the business Rented office space and paid $1,200 cash for the month of September Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. Purchased office supplies for $750 cash Completed work for a client and immediately collected $2,700 cash for the services. Completed $3,600 services for a client on credit Received $3,600 from a client for the work completed on September 15 Paid the office secretary's monthly salary, $3,000 cash Lin withdrew $2,000 for personal use. Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example. (Increase = 1, Decrease = D, No Effect = N) Date Assets Liabilities Equity April 1 I N I
Transcribed Image Text:+ Soo Lin began an Internet Consulting practice and completed these transactions during April of the current year: April 1 2 3 4 8 15 20 30 30 Invested $100,000 of her personal savings into a checking account opened in the name of the business Rented office space and paid $1,200 cash for the month of September Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. Purchased office supplies for $750 cash Completed work for a client and immediately collected $2,700 cash for the services. Completed $3,600 services for a client on credit Received $3,600 from a client for the work completed on September 15 Paid the office secretary's monthly salary, $3,000 cash Lin withdrew $2,000 for personal use. Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example. (Increase = 1, Decrease = D, No Effect = N) Date Assets Liabilities Equity April 1 I N I
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