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lilavasa [31]
2 years ago
10

Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during th

e month of May. May 1 Stockholders invested $15,000 cash in the business in exchange for common stock.
2 Paid $600 for office rent for the month.
3 Purchased $500 of supplies on account.
5 Paid $150 to advertise in the County News.
9 Received $1,400 cash for services performed.
12 Paid $200 cash dividend.
15 Performed $4,200 of services on account.
17 Paid $2,500 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $1,200 for services performed on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased office equipment for $2,000 paying $200 in cash and the balance on account.
30 Paid $180 for utilities.
Show the effects of the previous transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year.
Business
1 answer:
Yuliya22 [10]2 years ago
4 0

Answer:

Curry Consulting Inc.

Showing the effects of transactions on the accounting equation:

Assets = Liabilities + Equity

May 1:

Assets (Cash + $15,000) = Liabilities + Equity (Common Stock + $15,000)

May 2:

Assets (Cash - $600) = Liabilities + Equity (Retained Earnings - $600)

May 3:

Assets (Supplies +$500) = Liabilities (Accounts Payable +$500) + Equity

May 5:

Assets (Cash - $150) = Liabilities + Equity (Retained Earnings - $150)

May 9:

Assets (Cash + $1,400) = Liabilities + Equity (Retained Earnings + $1,400)

May 12:

Assets (Cash - $200) = Liabilities + Equity (Retained Earnings - $200)

May 15:

Assets (Accounts Receivable +$4,200) = Liabilities + Equity (Retained Earnings +$4,200)

May 17:

Assets (Cash - $2,500) = Liabilities + Equity (Retained Earnings - $2,500)

May 20:

Assets (Cash -$500) = Liabilities (Accounts Payable -$500) + Equity

May 23:

Assets (Cash +$1,200 Accounts Receivable -$1,200) = Liabilities + Equity

May 26:

Assets (Cash +$5,000) = Liabilities (Notes Payable +$5,000) + Equity

May 29:

Assets (Cash -$200 Equipment +$2,000) = Liabilities (Accounts Payable +$1,800) + Equity

May 30:

Assets (Cash - $180) = Liabilities + Equity (Retained Earnings - $180)

Explanation:

The accounting equation shows that Assets = Liabilities + Equity.  This equation is the basis of the double-system of accounting. It is always in balance when each transaction is correctly posted.  The implication is that every business transaction affects, in two ways, either the assets side or the liabilities and equity side or both.

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An analysis of the competition suggests the average retail selling price of an electronic game is $89. The owner of a computer a
sukhopar [10]

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Explanation:

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On April 11 of the current year, Zack Corporation had a market price of $48 per share of common stock. Its par value was $10 per
NikAS [45]

Answer:

The dividend yield for Zack Corporation 8%,the first option

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dividend per share for Zack Corporation is $3.90

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The correct option is the first option 8% since the figure above was simply rounded down to whole number

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As Bart Brownlee approached retirement, he decided the time had come to invest some of his nest egg in a conservative fund. He c
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