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Jay Pembroke began a business. Throughout the first month (April 20--), the given transactions occurred.

a) Invested cash in business, $18,000.

b) Purchased office supplies for $4,600: $2,000 in cash and $2,600 on account.

c) Paid one-year insurance premium, $1,200.

d) Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.

e) Paid cash on account to the company which supplied the office supplies in transaction (b), $2,300.

f) Paid office rent for the month, $750.

g) Withdrew cash for personal use, $100

Required:

Show the effects of the transaction of individual accounts on the Accounting Equation. After transaction g, illustrate the totals of each element.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916338

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