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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.
-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
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
-1,400
Investment
+6,000
+1,000
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
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 +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 +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 +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