1.6 Effect of transactions on accounting equation (1) Charles Pryor invested his savings in a...
70.2K
Verified Solution
Link Copied!
Question
Accounting
1.6 Effect of transactions on accounting equation (1) Charles Pryor invested his savings in a small laundry shop. Record the transactions listed below in the form provided; then total and prove the results. Opened the shop by investing $15,000 in cash. Bought $1,500 of supplies on account from Woodchuck Company. Bought cleaning equipment for $8,500 cash. Received cash for cleaning services, $1,550. Paid salaries and other expenses of $450. Bought additional $2,500 of supplies from Woodchuck Company; paid $1,500 cash, remainder on account. Charles Pryor withdrew $500 for personal use. Assets + Supplies + Equipment Liabilities + Accounts + Payable Equity C. Pryor, Capital Cash Balance Balance Balance Balance Balance Balance Balance 2.3 Income statement Prepare an income statement from the following data: Service revenue $50,000; utilities expense $5,000; salaries expense $10,000; rent expense $12,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
