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.
theres a chart/table but i wouldnt post here the chart is 18 boxes and 6 colums the first box is empty than the second box your suppose to right the new balance i really need help please help me out.
Very few accounting questions are answered in this forum.
so what forum help me out?
Please ask your instructor for a recommendation.
i don't have one do you know who can help me out maybe you can ask someone that works on the site with you pleasssee.
None of our regular tutors are accountants.
If you don't have an instructor and are struggling, I urge you to drop this class.
http://www.google.com/search?q=accounting+homework+help&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a
To show the effect of each transaction on Tracy Migre's assets, liabilities, and owner's equity, we can use the table provided with 18 boxes and 6 columns. Each transaction will have two entries, one for the debit and one for the credit.
Let's go through each transaction step by step and fill in the table accordingly:
1) Owner invested additional cash in the business, $5,000.
- Debit: Cash (+$5,000)
- Credit: Owner's Equity (+$5,000)
2) Paid telephone bill, $600.
- Debit: Telephone Expense (-$600)
- Credit: Cash (-$600)
3) Wrote a check to a creditor as partial payment on account, $500.
- Debit: Accounts Payable (-$500)
- Credit: Cash (-$500)
4) Bought supplies on account, $150.
- Debit: Supplies (+$150)
- Credit: Accounts Payable (+$150)
5) Received a check for accounting services, $300.
- Debit: Cash (+$300)
- Credit: Accounts Receivable (-$300)
6) Owner invested office equipment in the business, $2,500.
- Debit: Office Equipment (+$2,500)
- Credit: Owner's Equity (+$2,500)
7) Completed accounting services and agreed to accept payment later, $900.
- Debit: Accounts Receivable (+$900)
- Credit: Service Revenue (+$900)
8) Withdrew cash from the business for personal use, $2,000.
- Debit: Owner's Equity (-$2,000)
- Credit: Cash (-$2,000)
9) Received a check as partial payment on account, $450.
- Debit: Cash (+$450)
- Credit: Accounts Receivable (-$450)
By filling out the chart according to these entries, you should be able to show the effect of each transaction on Tracy Migre's accounts. Remember to update the balances in the second box of each row to reflect the new balance after each transaction.