Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you start a consulting business on may 1 and had t

You start a consulting business on May 1 and had the below-noted transactions during the...

50.1K

Verified Solution

Question

Accounting

You start a consulting business on May 1 and had the below-noted transactions during the month. Analyze the transactions using the critical and enhancing questions and record the business activities using the expanded accounting equation. The chart is provided on the next page. Ensure the totals at the bottom of the chart equal! Note: the credit card you use is a business credit card that is used exclusively for business purchases.
1. You invested $2,500 of cash into a business.
2. You borrowed $2,500 from your parents. The loan must be repaid by July 1.
3. Registered a business name with Service Ontario, $ 60, using a credit card. You will pay off the credit card at the end of this month.
4. Purchased office supplies for $400, plus HST, using a credit card.
5. Paid cash for 500 business cards from Staples for $60.
6. Received cash from customers for consulting services provided, $930.
7. Attended a one-day conference to network and paid the conference fee of $500, plus HST, using the credit card.
8. Used up half of the business cards during the conference.
9. At the end of the month you had $262 of office supplies remaining.
10. Paid the credit card for all business expenses using cash.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students