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Record the Following Transactions into the Expanded Accounting Equation for the Jose

Question 5

Essay

Record the following transactions into the expanded accounting equation for the Jose Perez Company. Note all titles have beginning balances. (You will need to determine the beginning capital balance.)
a. Rendered services for cash, $40.
b. Billed customers for services rendered, $200.
c. Received the monthly utility bill to be paid later, $30.
d. Collected $60 on account from customers.
e. Paid the utility bill recorded in c.
f. Withdrew $30 cash for personal use.
Jose Perez Company

   ASSETS = LIABILITIES + OWNER`S EQUITY
   cash+  accounts receivable  accounts payable  J. Perez capital  +rev. -exp   J. Perez withdrawals
 Beginning Balance:
   +800  +50  =+200  +?  +700  -400  -200
a.               
 b.              
 c.              
 d.              
 e.              
 f.              
 Totals:              

Correct Answer:

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