Question

courtney celeste is starting celeste consulting services, a small service business. celeste consulting services uses the accounts shown in the following accounting equation. use the form to record the following transactions. use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. calculate new balances for all accounts after each transaction. you must enter an amount for each cell in a new bal. row, including amounts for zero (0) balances.

Answer 1

The new balance for cash is $8700 while the owner's equity is $16000.

• The main points to note in the form will be explained. It should be noted that the beginning balance was the cash of $10000 that was received from the owner as an investment.

• The assets include the addition of the cash, accounts receivable from Ashley computers, supplies, and prepaid insurance.

• The liabilities include the account payable to Conrad supplies. The owner's equity is the capital of Courtney Celeste.

In conclusion, kindly check the attachment for further understanding.

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