Answer:
April 1st
accounts receivable 15,800 debit
accounts payable 15,800 credit
_____________________________________
telephone expense 1,200 debit
cash 1,200 credit
_____________________________________
cash 9,500 debit
equipment 8,200 credit
supplies 900 credit
-- to eliminate a wrong post---
supplies 900 debit
equipment 8,200 debit
cash 9,500 credit
--to record the correct transaction--
___________________________________
Net effect on assets:
AR 15,800
Cash Decrease by 1,000
Explanation:
April 1st: we should use account receivable as we are going to receive cash in the future. We aren't going to pay it.
this will increase assets by 15,800 rather than decrease liabilities.
April 2nd: It should be backwards.
the effect will be a decrease in cash for 1,200 (600 to amend the mistake and 600 to show a disbursement
April 3rd we should decrease cash by 400 as the sum of the purchase is 9,100 not 9,500
As we can't you put a debit on cash we reverse the wrong entry adn do the proper one.
Real effect:
