Question: Assuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner's Assets. You show Suzie how to enter the various assets, liabilities and owner's assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation.
Please record the following transactions using transaction analysis. Please use the attached template to complete this assignment.
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1-May
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Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting.
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2-May
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Company paid monthly rent, $900.
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3-May
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Company bought supplies on account, $600.
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5-May
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Company paid monthly advertising, $125.
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9-May
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Company performed services, $4,000.
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12-May
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Owner, Suzie Maye, withdrew $1,000 for personal use.
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15-May
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Company performed services on account for $5,400.
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17-May
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Company paid monthly salaries, $2,500.
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20-May
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Company made a payment on account, $600.
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23-May
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Company received $4,000 from a customer on account.
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26-May
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Company borrowed $5,000 from local bank.
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29-May
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Company bought equipment on account for $4,200.
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30-May
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Company paid monthly utilities, $275.
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Information related to above question is enclosed below:
Attachment:- ACC310Unit1IPTemplate.rar