Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates th transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets = Liabilities + Stockholders' Equity Cash + Supplies + Land Accounts Payable + Capital Stock + Retained Earnings Dividends + Fees Earned Expenses Bal. 31,500 4,100 78,800 8,500 40,900 65,000 1. +36,900 36,900 2. -15,800 +15,800 3. -27,400 -27,400 4. +1,600 +1,600 5. -2,100 -2,100 6. -7,600 -7,600 7. -3,200 -3,200 Bal. 15,500 2,500 94,600 2,500 40,900 65,000 -2,100 36,900 -30,600 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. 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? Enter decrease as a positive number.

Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates th transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets = Liabilities + Stockholders' Equity Cash + Supplies + Land Accounts Payable + Capital Stock + Retained Earnings Dividends + Fees Earned Expenses Bal. 31,500 4,100 78,800 8,500 40,900 65,000 1. +36,900 36,900 2. -15,800 +15,800 3. -27,400 -27,400 4. +1,600 +1,600 5. -2,100 -2,100 6. -7,600 -7,600 7. -3,200 -3,200 Bal. 15,500 2,500 94,600 2,500 40,900 65,000 -2,100 36,900 -30,600 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. 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? Enter decrease as a positive number.

Name: Nature of TransactionsTeri West operates her own catering service. Su
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Description: Nature of TransactionsTeri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effecttransaction on the equation. Each increase and decreas

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1MP

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Nature of transactions Teri West owns and operates her 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. Bal. 24,000 +28,100 -12,000 -20,900 1. 2. 3. 4. 5. 6. 7. Cash + Supplies + 3,100 -1,600 -5,800 Assets Bal. 11,800 +1,200 -2,400 1,900 = Liabilities + Land = Accounts Payable + 60,000 +12,000 72,000 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. 6,500 +1,200 -5,800 1,900 Teri West, Capital 80,600 80,600 Owner's Equity Teri West, Drawing + Fees Earned -1,600 -1,600 28,100 28,100 Expenses -20,900 -2,400 -23,300
Nature of Transactions Teri West operates her 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 stockholders' equity, except transaction (5), affects net income. Assets = Liabilities + Stockholders' Equity Cash + Supplies + Land = Accounts Payable + Common Stock + Retained Earnings - Dividends + Fees Earned - Expenses Bal. 40,000 3,000 82,000 7,500 50,000 67,500 1. +71,800 +71,800 2. -15,000 +15,000 3. -47,500 -47,500 4. +1,100 +1,100 5. -5,000 -5,000 6. -4,000 -4,000 7. -1,500 -1,500 Bal. 40,300 2,600 97,000 4,600 50,000 67,500 -5,000 71,800 -49,000 What is the amount of the net…
Nature of transactionsTeri West operates her own catering service. Summary financial data forJuly are presented in equation form as follows. Each line designated by anumber indicates the effect of a transaction on the equation. Eachincrease and decrease in owner's equity, except transaction (5), affectsnet income. a. Describe each transaction. b. What is the amount of the net increase in cash during the month? c. What is the amount of the net increase in owner's equity during themonth? d. What is the amount of the net income for the month? e. How much of the net income for the month was retained in thebusiness?
Nature of Transactions Teri West operates her own catering service. Summary financial data for February 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 stockholders' equity, except transaction (5), affects net income. Assets = Liabilities + Stockholders' Equity Cash + Supplies + Land = Accounts Payable + Capital Stock + Retained Earnings - Dividends + Fees Earned - Expenses Bal. 32,300 4,200 80,800 8,700 43,600 65,000 1. +37,800 37,800 2. -16,200 +16,200 3. -28,100 -28,100 4. +1,600 +1,600 5. -2,200 -2,200 6. -7,800 -7,800 7. -3,200 -3,200 Bal. 15,800 2,600 97,000 2,500 43,600 65,000 -2,200 37,800 -31,300 a. (1) Select the…
Teri West operates her own catering service. Summary financial data for July are pre- sented 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 = Liabilities Owner's Equity Assets Accounts Teri West Teri West, Fees Supplies Land = Payable Drawing Earned - Expenses Cash Capital Bal 40,000 3,000 82,000 7,500 117,500 71,800 1 +71,800 2 -15,000 +15,000 -47,500 -47,500 3. 4. 1,100 +1,100 -5,000 5. -5,000 6 -4,000 -4,000 7. -1,500 -1,500 Bal. -5,000 40,300 2,600 97,000 4,600 117,500 71,800 -49,000 Describe each transaction а. b. What is the amount of the net increase in cash during the month? c. What is the amount of the net increase in owner's equity during the month? d. What is the amount of the net income for the month? e. How much of the net income for the month was retained in the business?
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