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Determining how revenue, expen 1-4 Application Problem. Determining how te transactions change an accounting equat uity Shannon O'Bryan operates a service busin shown in the following accounting equation. a service business called Edgecliff Photography, Edgecliff Photography uses the acco ng equation. Use the form in your Working Papers to complete this problem, O Shannon O Bryan Capi Acts Pay 1.025 Actes Fan Wedding Planes - Instructions: For each transaction, complete the following. Transaction 1 is given as an example a. Analyze the transaction to determine which accounts in the accounting equation are b. Write the amount in the appropriate columns using a plus sign (+) if the accoun account decreases "ppropriate columns using a plus sign (+) if the account increases or a minus sign (-) ifth 26 Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation uarisalIUIS Club Shannon O'Bryan operates a service business called Edgecliff Photography. Edgeclit Photog shown in the following accounting equation. Use the owing accounting equation. Use the form in your Working Papers to complete this problem. + Owner's Equity Trans No. Assets = Liabilities Accts. Rec.- Eden Wedding Prepaid Accts. Pay - Planners + Supplies + Insurance = Shutter Supplies 200 300 200 + + Shannon O'Bryan, Capital 1,025 -400 (expensel 625 Cash 725 -400 Beg. Bal Now Bat 200 325 200 300 Instructions: For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns using a plus sign (+) if the account increases or a minus sign (-) if the account decreases. 26 Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation! c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance Transactions: 1. Paid cash for rent, $400.00. 2. Owner withdrew equity in the form of cash, $150.00 3. Received cash from sales, $900.00. 4. Paid cash for camera repairs, $100.00. 5. Sold services on account to Eden Wedding Planners, $400.00 6. Received cash from sales, $650.00. 7. Paid cash for charitable contributions, $35.00. 8. Received cash on account from Eden Wedding Planners, $300.00. 1-M Mastery Problem: Determining how transactions change an accountir equation L04, 5, 6 Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete th

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