Essay
Katie's Wedding Planning Service completed the following transactions:
a. Billed clients for service, $1,250.
b. Completed work for clients who paid $500 cash.
c. Received a bill for utilities to be paid later, $120.
d. Collected cash on account from clients, $700.
e. Paid the amount due for utilities.
f. Withdrew $500 cash for personal use.
Required: Record the above transactions in the expanded accounting equation. Note that the items have beginning balances.
Katie's Wedding Planning Service
| ASSETS | = | LIAB. | OWNER'S EQUITY | |||||
| Cash + | Accts.Rec. | = | Accts Payable | Mark's Capital | +Rev. | -Exp | -Katie, With. | |
| beg. | $ 800 | $ 85 | = | $300 | $235 | $ 900 | $400 | $150 |
| a. | ||||||||
| b. | ||||||||
| c. | ||||||||
| d. | ||||||||
| e. | ||||||||
| .f | ||||||||
| T |
Correct Answer:
Verified
Correct Answer:
Verified
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