Missy Crane opened a public relations firm called Goth on August 1, 2.pdf
Missy Crane opened a public relations firm called Goth on August 1, 2018 The During Septembe following amounts summarize her business on August 31, 2018 2018, the business completed the following transactions 1 (Click the icon to view the transactions.) EE (click the icon to view the amounts) Analyze the effects of the transactions on the accounting equation of Goth. Analyze the events chronologically, one transaction at a time. Beginning with transaction a, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete onily the necessary answer boxes for your transaction lines [Do not enter any zeros for your transaction lines ] Carry down all balances to the \"Bal.\" line, including zero balance accounts, entening a \"O\" for any zero balances Enter a decrease in an account with a minus sign or parentheses. Abbreviations used AP Accounts Payable /R - Accounts Receivable: Adv Advertising, Cap -Crane, Capital; Exp Expense, Liab Liabilities Rev. Revenue, Sup = Supplies withdr = Crane, withdrawals ) ASSETS LIAB.+ EQUITY Cash + A/R + Office + Land = A/P + Cap Service Rent Adv Sup RevEXp 3,400 Exp Bal 2300 3.400 12.000 = 8,0006 300 0 Bal Solution Assets = Liabilities + Equity cash + A/r + Office supplies + land = A/p + cap - withdrawls + Service revenue - Rent expense - Adve expense bal 2300 3400 0 12000 8000 6300 0 3400 0 0 a 16000 16000 bal 18300 3400 0 12000 8000 22300 0 3400 0 0 b 1600 1600 bal 19900 3400 0 12000 8000 22300 0 5000 0 0 c (8000) (8000) bal 11900 3400 0 12000 0 22300 0 5000 0 0 d 600 600 bal 11900 3400 600 12000 600 22300 0 5000 0 0 e 2100 (2100) bal 14000 1300 0 12000 0 22300 0 5000 0 0 f (1100) 1100 bal 12900 1300 0 12000 0 22300 1100 5000 0 0 g 5000 5000 bal 12900 6300 0 12000 0 22300 1100 10000 0 0 h.1 (1100) 1100 h.2 (450) 450 bal 11350 6300 0 12000 0 22300 1100 10000 1100 450 Journal entries Capital Cr. 16000 Service revenue Cr. 1600 Cash Cr. 8000 Accounts payable Cr. 600 A/R Cr. 2100 Cash Cr. 1100 Service revenue Cr. 5000 Cash Cr. 1100 2. Advertising expense Dr. 450 Cash Cr. 450 Assets = Liabilities + Equity cash + A/r + Office supplies + land = A/p + cap - withdrawls + Service revenue - Rent expense - Adve expense bal 2300 3400 0 12000 8000 6300 0 3400 0 0 a 16000 16000 bal 18300 3400 0 12000 8000 22300 0 3400 0 0 b 1600 1600 bal 19900 3400 0 12000 8000 22300 0 5000 0 0 c (8000) (8000) bal 11900 3400 0 12000 0 22300 0 5000 0 0 d 600 600 bal 11900 3400 600 12000 600 22300 0 5000 0 0 e 2100 (2100) bal 14000 1300 0 12000 0 22300 0 5000 0 0 f (1100) 1100 bal 12900 1300 0 12000 0 22300 1100 5000 0 0 g 5000 5000 bal 12900 6300 0 12000 0 22300 1100 10000 0 0 h.1 (1100) 1100 h.2 (450) 450 bal 11350 6300 0 12000 0 22300 1100 10000 1100 450.
![Missy Crane opened a public relations firm called Goth on August 1, 2018 The During
Septembe following amounts summarize her business on August 31, 2018 2018, the business
completed the following transactions 1 (Click the icon to view the transactions.) EE (click the
icon to view the amounts) Analyze the effects of the transactions on the accounting equation of
Goth. Analyze the events chronologically, one transaction at a time. Beginning with transaction
a, calculate the balance in each account after analyzing the effect of the transaction on the
accounting equation. (Complete onily the necessary answer boxes for your transaction lines [Do
not enter any zeros for your transaction lines ] Carry down all balances to the "Bal." line,
including zero balance accounts, entening a "O" for any zero balances Enter a decrease in an
account with a minus sign or parentheses. Abbreviations used AP Accounts Payable /R -
Accounts Receivable: Adv Advertising, Cap -Crane, Capital; Exp Expense, Liab Liabilities Rev.
Revenue, Sup = Supplies withdr = Crane, withdrawals ) ASSETS LIAB.+ EQUITY Cash + A/R
+ Office + Land = A/P + Cap Service Rent Adv Sup RevEXp 3,400 Exp Bal 2300 3.400 12.000
= 8,0006 300 0 Bal
Solution
Assets
=
Liabilities
+
Equity
cash
+
A/r
+
Office supplies
+
land
=
A/p
+
cap
-
withdrawls
+](https://image.slidesharecdn.com/missycraneopenedapublicrelationsfirmcalledgothonaugust12-230707182609-8429e6f0/85/Missy-Crane-opened-a-public-relations-firm-called-Goth-on-August-1-2-pdf-1-320.jpg)
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Missy Crane opened a public relations firm called Goth on August 1, 2.pdf
- 1. Missy Crane opened a public relations firm called Goth on August 1, 2018 The During Septembe following amounts summarize her business on August 31, 2018 2018, the business completed the following transactions 1 (Click the icon to view the transactions.) EE (click the icon to view the amounts) Analyze the effects of the transactions on the accounting equation of Goth. Analyze the events chronologically, one transaction at a time. Beginning with transaction a, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete onily the necessary answer boxes for your transaction lines [Do not enter any zeros for your transaction lines ] Carry down all balances to the "Bal." line, including zero balance accounts, entening a "O" for any zero balances Enter a decrease in an account with a minus sign or parentheses. Abbreviations used AP Accounts Payable /R - Accounts Receivable: Adv Advertising, Cap -Crane, Capital; Exp Expense, Liab Liabilities Rev. Revenue, Sup = Supplies withdr = Crane, withdrawals ) ASSETS LIAB.+ EQUITY Cash + A/R + Office + Land = A/P + Cap Service Rent Adv Sup RevEXp 3,400 Exp Bal 2300 3.400 12.000 = 8,0006 300 0 Bal Solution Assets = Liabilities + Equity cash + A/r + Office supplies + land = A/p + cap - withdrawls +
- 2. Service revenue - Rent expense - Adve expense bal 2300 3400 0 12000 8000 6300 0 3400 0 0 a 16000 16000 bal 18300 3400 0 12000 8000 22300 0 3400 0 0 b 1600 1600 bal 19900 3400
- 5. 0 22300 1100 10000 0 0 h.1 (1100) 1100 h.2 (450) 450 bal 11350 6300 0 12000 0 22300 1100 10000 1100 450 Journal entries Capital Cr. 16000 Service revenue Cr. 1600 Cash Cr. 8000 Accounts payable Cr. 600 A/R Cr. 2100 Cash Cr. 1100 Service revenue Cr. 5000 Cash Cr. 1100 2. Advertising expense Dr. 450 Cash Cr. 450 Assets =
- 6. Liabilities + Equity cash + A/r + Office supplies + land = A/p + cap - withdrawls + Service revenue - Rent expense - Adve expense bal 2300 3400 0 12000 8000 6300 0 3400 0 0 a 16000 16000