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Assignment $1$

Solve the following exercise in the table below. Make sure in your submission to write the course title$/$code and your name and ID$.$

Deadline to submit the individual assignment is Sunday $21$st January $5$:$00$ pm$.$

Laure Soliman began a professional architectural design consulting company on June $1$ and plans to prepare financial statements at the end of each month. During June, Laure $($the owner$)$ completed these transactions.

a$.$ Owner invested $$50,000$ in the company along with equipment that had a $$5,000$ market value.

b$.$ The company hired an assistant and negotiated a salary of $$3,000$ cash to be paid at the end of each month.

c$.$ The company paid $$1,500$ cash for advertising expense for the month.

d$.$ The company purchased $$15,000$ of additional equipment on credit $($payment due within $30$ days$).$

e$.$ The company performed design services for a client and collected the $$3,500$ cash earned.

f$.$ The company completed services for a client and sent a bill for $$7,000$ to be received within $30$ days.

g$.$ The company paid an assistant $$3,000$ cash as salary for the month.

h$.$ The company declared and paid $$1,000$ cash dividends to shareholders.

Required:

Enter the impact of each transaction on individual items of the accounting equation. Make sure to calculate the final row with final balances. $\backslash$table$[[$Assets$,=,$Liabilities,$\backslash$table$[[+],[\backslash$table$[[$Laure$,],[$Capital$]]]],$Equity$],[,$Cash,$+,\backslash$table$[[$Accounts$],[$Receivable$]],+,$Equipment,$\backslash$table$[[$Accounts$],[$Payable$]],+,+,$Revenues,$-,$Expenses,$-,$Dividends$],[$a$.,,,,,,,,,,,,,,,],[$b$.,,,,,,,,,,,,,,,],[$c$.,,,,,,,,,,,,,,,],[$Bal$.,,,,,,,,,,,,,,,],[$d$.,,,,,,,,,,,,,,,],[$Bal$.,,,,,,,,,,,,,,,],[$e$.,,,,,,,,,,,,,,,],[$Bal$.,,,,,,,,,,,,,,,],[$f$.,,,,,,,,,,,,,,,],[$Bal$.,,,,,,,,,,,,,,,],[$g$.,,,,,,,,,,,,,,,],[$Bal$.,,,,,,,,,,,,,,,],[$h$.,,,,,,,,,,,,,,,],[$Bal$.,,,,,,,,,,,,,,,]]$

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