Elain's inflatables earns service revenue by providing party planning services and inflatable playscapes. elaine? 's inflatables is organized as a sole proprietorship and owned by elaine gibson. during the past? month, elaine? 's inflatables has the following? transactions: a. gibson contributed $10,000 to the business in exchange for capital.
b. purchased equipment for $5,000 on account.c. paid $400 for office supplies.d. earned and received $2,500 cash for service revenue.e. paid $400 for wages to employees.f. gibson withdrew $1,000 cash.g. earned $1,000 for services provided. customer has not yet paid.h. paid $1,000 for rent.i. received a bill for $250 for the monthly utilities. the bill has not yet been paid.question: indicate the effects of the business transactions on the accounting equation for elaine? 's inflatables. transaction? (a) is answered as a guide: a. gibson contributed $10,000 to the business in exchange for capital.a. example: increase asset (cash) ; increase equity (gibson, capital)b. purchased equipment for $5,000 on account? b. decrease asset? / accounts payable? / ; decrease asset? / accounts payable?
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Ответ:
The effects of the transactions on the accounting equation are as follows:
The accounting equation for Elain's Inflatables is assets = liabilities + equity.
a. Increase Assets (Cash) $10,000
Increase Equity (Capital, Elaine Gibson) $10,000
b. Increase Assets (Equipment) $5,000
Increase Liabilities (Accounts Payable) $5,000
c. Increase Assets (Office Supplies) $400
Decrease Assets (Cash) $400
d. Increase Assets (Cash) $2,500
Increase Equity (Service Revenue) $2,500
e. Decrease Equity (Wages Expense) $400
Decrease Assets (Cash) $400
f. Decrease Equity (Drawings, Elaine Gibson) $1,000
Decrease Assets (Cash) $1,000
g. Increase Assets (Accounts Receivable) $1,000
Increase Equity (Service Revenue) $1,000
h. Decrease Equity (Rent Expense) $1,000
Decrease Assets (Cash) $1,000
i. Decrease Equity (Utilities Expense) $250
Increase Liabilities (Accounts Payable) $250
Data Analysis:
a. Cash $10,000 Capital, Elaine Gibson $10,000
b. Equipment $5,000 Accounts Payable $5,000
c. Office Supplies $400 Cash $400
d. Cash $2,500 Service Revenue $2,500
e. Wages Expense $400 Cash $400
f. Drawings, Elaine Gibson $1,000 Cash $1,000
g. Accounts Receivable $1,000 Service Revenue $1,000
h. Rent Expense $1,000 Cash $1,000
i. Utilities Expense $250 Accounts Payable $250
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Ответ:
B. Purchased equipment for $5,000 on account?
Increased asset (plant, property, and equipment).
Increased liability (accounts payable)
C. Paid $400 for office supplies.
Increased asset (office supplies)
Decreased liability (cash)
D. Earned and received $2,500 cash for service revenue.
Increased asset (cash)
Increased revenue (service revenues)
E. Paid $400 for wages to employees.
Increased expense (wage expense)
Decreased asset (cash)
F. Gibson withdrew $1,000 cash.
Increased asset (cash)
Decreased asset (bank account)
G. Earned $1,000 for services provided. Customer has not yet paid
Increased asset (accounts receivable)
Increased revenue (accrued revenue)
H. Paid $1,000 for rent.
Increased expense (rent)
Decreased asset (cash)
I. Received a bill for $250 for the monthly utilities. The bill has not yet been paid.
Increased liability (accrued expense)
Increased expense (utilities)
Ответ:
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