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Chapter 1-1

GOOD MORNING

Chapter 1-2

Welcome
all of you from the ANGEL group
Chapter 1-3

Presentation on tabular analysis of CINDY BELTONS law office of the August transactions beginning with July 31 balances.
Chapter 1-4

Transactions (Problem)
P1-2B: Cindy Belton opened a law office, Cindy Belton, Attorney at Law, on July 1, 2008. On July 31, the balance sheet showed Cash $4000, Accounts Receivable $1,500, Supplies $500, Office Equipment $5,000, Accounts Payable $4,200, and Cindy Belton, Capital $6,800. During August the following transactions occurred.

1. Collected $1,400 of accounts receivable.


Assets Liabilities Equity Notes Accounts Cindy Belton, Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable + +1400
Chapter 1-5

-1400

Investment

Transactions (Problem)
2. Paid $2,700 cash on accounts payable.
Assets
Liabilities Equity Notes Accounts Cindy Belton, Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400 -2,700

-1,400 -2,700

Investment

Chapter 1-6

Transactions (Problem)
3. Earned revenue of $9,000 of which $3,000 is collected in cash and the balance is due in September.
Assets
Liabilities Equity Accounts Cindy Belton, Notes Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400 -2,700

-1,400 +6,000 -2,700

Investment

+3,000

+9000

Revenue

Chapter 1-7

Transactions (Problem)
4. Purchased additional office equipment for $1,000, paying $400 in cash and the balance on account .
Assets Liabilities Equity Accounts Cindy Belton, Notes Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400

-2,700 +3,000 -400

-1,400

Investment

+6,000
+1,000

-2,700 +9000 +600


Revenue

Chapter 1-8

Transactions (Problem)
5. Paid salaries $3,000, rent for August $900 and advertising expenses $350.
Assets Liabilities Equity
Accounts Cindy Belton, Notes Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400 -2,700
+3,000 -400 -3,000 -900 -350
Chapter 1-9

-1,400
+6,000 +1,000

Investment

-2,700
+9000 +600
Revenue Expense Expense Expense

-3,000 -900 -350

Transactions (Problem)
6. Withdrew $750 in cash for personal use.
Assets Liabilities Equity

Accounts Cindy Belton, Notes Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400 -2,700 +3,000 -400 -3,000 -900 -350 -750


Chapter 1-10

-1,400 +6,000 +1,000 -2,700 +9000 +600 -3,000 -900 -350 -750

Investment

Revenue Expense

Expense
Expense Drawings

Transactions (Problem)
7. Received $2,000 from Standard Federal Bankmoney borrowed on a note payable.
Assets

Liabilities

Equity

Accounts Cindy Belton, Notes Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400 -2,700 +3,000 -400 -3,000 -900 -350 -750 +2000


Chapter 1-11

-1,400 +6,000 +1,000 -2,700 +9000 +600 -3,000 -900 -350 -750

Investment

Revenue Expense

Expense
Expense Drawings

+2000

Transactions (Problem)
8. Incurred utility expenses for month on account $250.
Assets

Liabilities

Equity

Notes Accounts Cindy Belton, Accounts Office Capital Cash + Receivable + Supplies + Equipment = Payable + Payable +

+1,400 -2,700 +3,000 -400 -3,000 -900 -350 -750 +2000


Chapter 1-12

-1,400 +6,000 +1,000 -2,700 +9000 +600 -3,000 -900 -350 -750 +250 -250

Investment

Revenue Expense

Expense
Expense Drawings Expense

+2000

6,820 +

630 +

5,000 =

250 +

12,200