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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 2
Determining the effects of transactions on the accounting equation.
Quick Copy had the transactions listed below during the month of April. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The headings to be used in the equation follow.
TRANSACTIONS
1. Amos Roberts started the business with a cash investment of $50,000.
2. Purchased equipment for $17,000 on credit.
3. Performed services for $2,100 in cash.
4. Purchased additional equipment for $3,600 in cash.
5. Performed services for $4,550 on credit.
6. Paid salaries of $3,950 to employees.
7. Received $2,200 cash from charge account customers.
8. Paid $9,000 to a creditor on account.
Quick Copy had the transactions listed below during the month of April. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The headings to be used in the equation follow.
TRANSACTIONS
1. Amos Roberts started the business with a cash investment of $50,000.
2. Purchased equipment for $17,000 on credit.
3. Performed services for $2,100 in cash.
4. Purchased additional equipment for $3,600 in cash.
5. Performed services for $4,550 on credit.
6. Paid salaries of $3,950 to employees.
7. Received $2,200 cash from charge account customers.
8. Paid $9,000 to a creditor on account.
Explanation
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Verified
Accounting equation
The accounting equa...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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