(hey i asked for help with accounting with a question i saw the same question at this site but when i click it it doesnt work is there anyway you can check it for me then what they posted there you can copy and post it here for me).my question was 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 bus sines,$2,500. 7)Completed accounting services and agreed to accept payment later,$900. 8)Withdrew cash from the Business for personal use,$2,000. 9)Received a check as partial payment on account $450.the website is:
topfinusa.notlong thanks i will really appreciate it it will really help.
it is topfinuas.notlong. com
I apologize, but as an AI text-based model, I do not have the capability to access external websites or copy/paste information from them. However, I can guide you on how to analyze and record the effects of each transaction in the given table.
To record each transaction and its effect on Tracy Migre's assets, liabilities, and owner's equity, you can follow these steps:
1) Transaction 1: Owner invested additional cash in the business, $5,000.
- Increase the Cash asset account by $5,000.
- Increase the Owner's Equity account (specifically the Capital account) by $5,000.
2) Transaction 2: Paid telephone bill, $600.
- Decrease the Cash asset account by $600.
- Decrease the Owner's Equity account (specifically the Cash Withdrawals or Expenses account) by $600.
3) Transaction 3: Wrote a check to a creditor as partial payment on account, $500.
- Decrease the Cash asset account by $500.
- Decrease the Accounts Payable liability account by $500.
4) Transaction 4: Bought supplies on account, $150.
- Increase the assets (specifically the Supplies account) by $150.
- Increase the liabilities (specifically the Accounts Payable account) by $150.
5) Transaction 5: Received a check for accounting services, $300.
- Increase the Cash asset account by $300.
- Increase the revenue (specifically the Service Revenue account) by $300.
6) Transaction 6: Owner invested office equipment in the business, $2,500.
- Increase the office equipment asset account by $2,500.
- Increase the Owner's Equity account (specifically the Capital account) by $2,500.
7) Transaction 7: Completed accounting services and agreed to accept payment later, $900.
- Increase the Accounts Receivable asset account by $900.
- Increase the revenue (specifically the Service Revenue account) by $900.
8) Transaction 8: Withdrew cash from the business for personal use, $2,000.
- Decrease the Cash asset account by $2,000.
- Decrease the Owner's Equity account (specifically the Cash Withdrawals account) by $2,000.
9) Transaction 9: Received a check as partial payment on account, $450.
- Increase the Cash asset account by $450.
- Decrease the Accounts Receivable asset account by $450.
Please note that these entries are based on typical accounting practices. It's always recommended to consult an accountant or refer to the specific instructions given by your accounting course or textbook to ensure accuracy.