Read the instruction properly then fill in the column with appropriate numbers Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses theaccounts shown in the following accounting equation. Use the form in your Working Papers to complete thisproblem.TransNo.Beg. Bal1New Bal2Cash2,500-5002,000AssetsAccts. Rec.-Prepaid+ Dr. Shephard + Supplies + Insurance =2001000200100LiabilitiesAccts. Pay.-Paws &Claws Co.1,3001,3005. Bought supplies on account from Paws & Claws Co., $275.00.6. Sold services on account to Dr. Shephard, $285.00.7. Paid cash for advertising, $450.00.8. Paid cash for supplies, $185.00.+ Owner's Equity+Peter Gentry,Capital1,500-500 (expense)1,000Instructions:For each transaction, complete the following. Transaction 1 is given as an example.a. Analyze the transaction to determine which accounts in the accounting equation are affected.b. Write the amount in the appropriate columns, using a plus sign (+) if the account increases or a minus sign (-) ithe account decreases.c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right ofthe amount.d. Calculate the new balance for each account in the accounting equation.e. Before going on to the next transaction, determine that the accounting equation is still in balance.Transactions:1. Paid cash for rent, $500.00.2. Received cash from owner as an investment, $700.00.3. Paid cash for telephone bill, $75.00.4. Received cash from sales, $1,050.00. 9. Received cash on account from Dr. Shephard, $150.00.10. Paid cash on account to Paws & Claws Co., $200.00.11. Paid cash for one month of insurance, $100.00.12. Received cash from sales, $475.00.13. Owner withdrew equity in the form of cash, $800.00.

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Description: Read the instruction properly then fill in the column with appropriate numbers Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses theaccounts shown in the following accounting equation. Use the form in you

The accounting equation states that assets equal to sum of liabilities and equity. The transactions…

Business

Accounting

Transactions: 1. Paid cash for rent, $500.00. 2. Received cash from owner as an investment, $700.00. 3. Paid cash for telephone bill, $75.00. 4. Received cash from sales, $1,050.00. 5. Bought supplies on account from Paws & Claws Co., $275.00. 6. Sold services on account to Dr. Shephard, $285.00. 7. Paid cash for advertising, $450.00. 8. Paid cash for supplies, $185.00.

Transactions: 1. Paid cash for rent, $500.00. 2. Received cash from owner as an investment, $700.00. 3. Paid cash for telephone bill, $75.00. 4. Received cash from sales, $1,050.00. 5. Bought supplies on account from Paws & Claws Co., $275.00. 6. Sold services on account to Dr. Shephard, $285.00. 7. Paid cash for advertising, $450.00. 8. Paid cash for supplies, $185.00.

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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