my helper
jayleeniccol| Cody Macedo established an insurance agency on January 1 of the current year and completed the following transactions during January: | |||||||||
| (a) | Opened a business bank account with a deposit of $75,000 in exchange for capital stock. | ||||||||
| (b) | Purchased supplies on account, $3,000. | ||||||||
| (c) | Paid creditors for account, $1,000. | ||||||||
| (d) | Received cash from fees earned on insurance commissions, $11,800. | ||||||||
| (e) | Paid rent on office and equipment for the month, $4,000. | ||||||||
| (f) | Paid automobile expenses for month, $600, and miscellaneous expenses, $200. | ||||||||
| (g) | Paid office salaries, $2,500. | ||||||||
| (h) | Determined that the cost of supplies on hand was $1,900; therefore, the cost of supplies used during the month was $1,100. | ||||||||
| (i) | Billed insurance companies for sales commissions earned, $12,500. | ||||||||
| (j) | Paid dividends, $5,000. | ||||||||
| To Do: | |||||||||
| 1 | In tabular form, indicate the effect each transaction has on the accounts. Calculate the balance of each account after all the transactions have been entered. | ||||||||
| 2 | Using the account balances at the end of the month, prove the accounting equation is in balance. | ||||||||
12 years ago
15
Answer(2)![blurred-text]()
![blurred-text]()
Purchase the answer to view it
ac2760_week01.xlsx
Purchase the answer to view it
NOT RATED
- cody_macedo__actgequation.xlsx
Bids(1)
other Questions(10)
- in the book one flew over the cuckoo's nest what traits could you use to describe Chief Bromden in part...
- Is the chemical formula H20 a physical or chemical property?
- The gcf for two numbers is2 The lcm of two numbers is 70 One of the numbers is 10 What is the other...
- how does telemachus become a man in Homer's the Odyssey
- Please Delete
- -72x+216/-432=-144x-720/-432
- What is the biggest anatomical region of the human body?
- factor x^3+x^2-22x-40
- tell me about thai history
- A short summary of the book, The Crucible.
