eri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets = Liabilities + Owner's Equity Cash + Supplies + Land = Accounts Payable + Kristoff Walker, Capital - Kristoff Walker, Drawing + Fees Earned - Expenses Bal. 42,700 5,600 106,800 11,500 143,600 1. +50,000 +50,000 2. -21,400 +21,400 3. -37,100 -37,100 4. +2,100 +2,100 5. -2,900 -2,900 6. -10,200 -10,200 7. -4,300 -4,300 Bal. 21,100 3,400 128,200 3,400 143,600 -2,900 50,000 -41,400 a. (1) Select the description for transaction 1. Provided catering services for cash. a. (2) Select the description for transaction 2. Purchase of land for cash. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. a. (5) Select the description for transaction 5. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7. b. What is the amount of the net decrease in cash during the month? $fill in the blank 8 c. What is the amount of the net increase in owner's equity during the month? $fill in the blank 9 d. What is the amount of the net income for the month? $fill in the blank 10 e. How much of the net income for the month was retained in the busine

Name: Teri West operates his own catering service. Summary financial data fo
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Description: Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equi

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 9E: Determine on which financial statement each account listed below is reported. Use the following...

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Teri West operates his own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.

	Assets	=	Liabilities +		Owner's Equity
	Cash + Supplies + Land	=	Accounts Payable	+	Kristoff Walker, Capital	-	Kristoff Walker, Drawing	+	Fees Earned	-	Expenses
Bal.	42,700	5,600	106,800		11,500		143,600
1.	+50,000										+50,000
2.	-21,400		+21,400
3.	-37,100											-37,100
4.		+2,100			+2,100
5.	-2,900								-2,900
6.	-10,200				-10,200
7.		-4,300										-4,300
Bal.	21,100	3,400	128,200		3,400		143,600		-2,900		50,000	-41,400

a. (1) Select the description for transaction 1.

Provided catering services for cash.

a. (2) Select the description for transaction 2.

Purchase of land for cash.

a. (3) Select the description for transaction 3.

a. (4) Select the description for transaction 4.

a. (5) Select the description for transaction 5.

a. (6) Select the description for transaction 6.

a. (7) Select the description for transaction 7.

b. What is the amount of the net decrease in cash during the month?
$fill in the blank 8

c. What is the amount of the net increase in owner's equity during the month?
$fill in the blank 9

d. What is the amount of the net income for the month?
$fill in the blank 10

e. How much of the net income for the month was retained in the busine

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