Tracy Migre, a certified public accounting, has completed the following transactions. Ms.Migres assests , liabilites, and owner equity account titles and balances are shown in the table below. use the table on the page to show the effect of each transaction.
Transactions:
1)Owner invested additional cash in the buissness,$ 5,000.
2)Paid telephone bill,$600 .
3)Wrote a check to a creditor as partial payment on account,$500.
4)bought supplies on account, $150.
5)Received a check for accounting services, $300.
6)Owner invested office equipment in the bussines,$2,500.
7)Completed accounting services and agreed to accept payment later,$900.
8)Withdrew cash from the buissness for personal use,$2,000.
9)Received a check as partial payment on account $450.
BIG TIP:each transaction has two entries.Dont forget beginning balances.
(Cash in bank) (accts rec.)(equipment)
$5,000 $900 $14,000
(Supplies) (accts payable) (T.Migre
$1,500 $3,000 capital)
$18,400
1.theres a chart over here a line here
New bal.and here same to the rest.like this.then lines down to part the boxes by 6.can you help me out.theres 18 boxes and 6 colums.
2)________________________________
New bal.__________________________
3)__________________________________
New bal______________________________
4)________________________________-
New bal._________________________
5)________________________________
New bal.______________________________-
6)__________________________________
New bal________________________-
7)______________________________
New bal._____________________________-
8)_____________________________________
New bal._______________________
9)_____________________________
New bal._______________________________
please i really need this help thank you so much.
sorry it didn't post right there is a chart 18 boxes and 6 colums.6cloums are the beginning balanes there on top cash in the bank $5,000, accts rec. $900, equipment $14,000 supplies 1,500
accts payable 3,000 t.migre capital 18,4000 then on the side of the chart it says 1)
new balance
the same to rest theres nine sorry if its confusing please help me out
i mean 1)empty
than next box you write your new balance
I can definitely help you with this! Here's a step-by-step breakdown of each transaction and its effect on the accounts:
1) Owner invested additional cash in the business, $5,000.
Accounts affected: Cash in bank, Owner's Capital
Step 1: Increase Cash in bank by $5,000.
New balance in Cash in bank: $10,000.
Step 2: Increase Owner's Capital by $5,000.
New balance in Owner's Capital: $23,400.
2) Paid telephone bill, $600.
Accounts affected: Cash in bank,
Step 1: Decrease Cash in bank by $600.
New balance in Cash in bank: $9,400.
3) Wrote a check to a creditor as a partial payment on account, $500.
Accounts affected: Accounts Payable, Cash in bank
Step 1: Decrease Accounts Payable by $500.
New balance in Accounts Payable: $2,500.
Step 2: Decrease Cash in bank by $500.
New balance in Cash in bank: $8,900.
4) Bought supplies on account, $150.
Accounts affected: Supplies, Accounts Payable
Step 1: Increase Supplies by $150.
New balance in Supplies: $1,650.
Step 2: Increase Accounts Payable by $150.
New balance in Accounts Payable: $2,650.
5) Received a check for accounting services, $300.
Accounts affected: Cash in bank, Accounts Receivable
Step 1: Increase Cash in bank by $300.
New balance in Cash in bank: $9,200.
Step 2: Decrease Accounts Receivable by $300.
New balance in Accounts Receivable: $600.
6) Owner invested office equipment in the business, $2,500.
Accounts affected: Equipment, Owner's Capital
Step 1: Increase Equipment by $2,500.
New balance in Equipment: $16,500.
Step 2: Increase Owner's Capital by $2,500.
New balance in Owner's Capital: $25,900.
7) Completed accounting services and agreed to accept payment later, $900.
Accounts affected: Accounts Receivable, Service Revenue
Step 1: Increase Accounts Receivable by $900.
New balance in Accounts Receivable: $1,500.
Step 2: Increase Service Revenue by $900.
New balance in Service Revenue: $900.
8) Withdrew cash from the business for personal use, $2,000.
Accounts affected: Cash in bank, Owner's Capital
Step 1: Decrease Cash in bank by $2,000.
New balance in Cash in bank: $7,200.
Step 2: Decrease Owner's Capital by $2,000.
New balance in Owner's Capital: $23,900.
9) Received a check as a partial payment on account, $450.
Accounts affected: Cash in bank, Accounts Receivable
Step 1: Increase Cash in bank by $450.
New balance in Cash in bank: $7,650.
Step 2: Decrease Accounts Receivable by $450.
New balance in Accounts Receivable: $1,050.
I hope this helps! Let me know if you have any more questions.
Sure, I'd be happy to help you! Let's go through each transaction and fill in the chart.
Transaction 1: Owner invested additional cash in the business, $5,000.
- Cash in bank: +$5,000 (new balance: $5,000)
- T. Migre capital: +$5,000 (new balance: $23,400)
Transaction 2: Paid telephone bill, $600.
- Cash in bank: -$600 (new balance: $4,400)
Transaction 3: Wrote a check to a creditor as partial payment on account, $500.
- Cash in bank: -$500 (new balance: $3,900)
- Accts payable: -$500 (new balance: $2,500)
Transaction 4: Bought supplies on account, $150.
- Supplies: +$150 (new balance: $1,650)
- Accts payable: +$150 (new balance: $2,650)
Transaction 5: Received a check for accounting services, $300.
- Cash in bank: +$300 (new balance: $4,200)
- Accts receivable: +$300 (new balance: $1,200)
Transaction 6: Owner invested office equipment in the business, $2,500.
- Equipment: +$2,500 (new balance: $16,500)
- T. Migre capital: +$2,500 (new balance: $25,900)
Transaction 7: Completed accounting services and agreed to accept payment later, $900.
- Accts receivable: +$900 (new balance: $2,100)
Transaction 8: Withdrew cash from the business for personal use, $2,000.
- Cash in bank: -$2,000 (new balance: $2,200)
Transaction 9: Received a check as partial payment on account, $450.
- Cash in bank: +$450 (new balance: $2,650)
- Accts receivable: -$450 (new balance: $1,650)
Here's the completed chart:
1) Cash in bank: $5,000. New balance: $5,000.
2) Accts receivable: $900. New balance: $2,100.
3) Equipment: $14,000. New balance: $16,500.
4) Supplies: $1,500. New balance: $1,650.
5) Accts payable: $3,000. New balance: $2,650.
6) T. Migre capital: $18,400. New balance: $25,900.
7) Cash in bank: $900. New balance: $2,200.
8) Cash in bank: $2,000. New balance: $2,200.
9) Accts receivable: $450. New balance: $1,650.
I hope this explanation helps you understand how to complete the chart! Let me know if you have any further questions.