Assume John Sullivan completed the following additional transactions during February.
(e) Received cash from a client for professional services, $1,500.
(f) Paid office rent for February, $600.
(g) Paid February phone bill, $64.
(h) Withdrew cash for personal use, $1,000.
(i) Performed services for clients on account, $750.
Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing Revenues - Expenses).
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Assume John Sullivan completed the following additional transactions during February. (e) Received cash from a client for professional ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A company's flexible budget for 16,000 units of production showed sales, $48,000; variable costs, $24,000; and fixed costs, $17,000. The operating income expected if the company produces and sells 17,000 units is: Multiple Choice $ 7,000. $44,000.
Answers (1)
The retail card and gift shop chain that Heidi started has since been incorporated. Which of the following best describes the limited liability that Heidi has as the primary stockholder in this corporation? A.
Answers (1)
A start-up will not pay any dividends for 3 years. At the end of the third year, it is expected to pay a dividend of $0.30. This dividend should then grow at a rate of 12% for 6 years, and at a reduced rate of 6% thereafter.
Answers (1)
6. Many supermarkets carry plain packages that only identify the name of the product that is inside. For example, a label may read simply peaches or green beans. These goods represent:
No Answers
After she realized that the mosquito had bitten her and her hand was starting to itch, akai rubbed some cortisone cream on the swollen spot, and the itching stopped.
Answers (2)
New Questions in Business
With regard to how people use time and their expectations of how it should be managed, members of which type of culture value efficiency production and fast results?
Answers (1)
How would u approach a fellow co-worker consistently does not perform hand-hygiene when it is indicated or appropriate.
Answers (1)
Which of the following statements is FALSE? A. The effective annual rate indicates the amount of interest that will be earned at the end of the year. B. The annual percentage rate indicates the amount of simple interest earned in one year. C.
Answers (1)
Match the business with the appropriate cost system (s) for that business using the number of the cost system where 1 = job order costing, 2 = process costing, and 3 = activity-based costing. a. Ketcher, Tryer, and Friar, attorneys-at-law b.
Answers (1)
Solemon Company has total fixed cost of $15,000, variable cost per unit of $6, and a price of $8. If Solemon wants to earn a targeted profit of $3,600, how many units must be sold?
Answers (1)