The May transactions of Step Aside Corporation were as follows.

May 4 paid $700 due for supplies previously purchased on account.

7 Performed advisory services on account for $6,800.

8 Purchased supplies for $850 on account.

9 Purchased equipment for $1,000 in cash.

17 Paid employees $530 in cash.

22 Received bill for equipment repairs of $900.

29 Paid $1,200 for 12 months of insurance policy.

Question

Business

Samara Brooks

2 August, 16:30

The May transactions of Step Aside Corporation were as follows.

May 4 paid $700 due for supplies previously purchased on account.

7 Performed advisory services on account for $6,800.

8 Purchased supplies for $850 on account.

9 Purchased equipment for $1,000 in cash.

17 Paid employees $530 in cash.

22 Received bill for equipment repairs of $900.

29 Paid $1,200 for 12 months of insurance policy.

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Answers (1)

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Corinne Logan · Answer 1

4 paid $700 due for supplies previously purchased on account.

Cash account affected (Asset)

Accounts Payable affected (Liability)

7 Performed advisory services on account for $6,800.

Accounts Receivable affected (Asset)

Service Revenue affected (Equity)

8 Purchased supplies for $850 on account.

Supples affected (Asset)

Account Payable affect (Liability)

9 Purchased equipment for $1,000 in cash.

Equipment (Asset)

Cash (Asset)

17 Paid employees $530 in cash.

Payroll (Equity)

Cash (Asset)

22 Received bill for equipment repairs of $900.

Repair expense (Equity)

Account Payable (Liability)

29 Paid $1,200 for 12 months of insurance policy.

Coverage begins June 1 Prepaid rent (Asset)

Cash (Asset)