The analysis of the first eight transactions of Advanced Accounting Service foll

Question

The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction.

ASSETS LIABILITIES+ EQUITY Contributed Capital+ Retained Earnings Cash Accounts EquipmentAccounts payable Common Dividends Service Salaries Revenue Expense Recelvable Stock 1 +31,000 2 Bal. $31,000$3,800 +31,000 +3,800 +3,800 $31,000 $3,800 +13,400 +13,400 Bal. $31,000$3,800 $13,400 $13,400 +$31,000 +$3,800 4 +190 -190 Bal. $31,190$3,610+$13,400 $13,400 31,000 +$3,800 5 +410 Bal. $30,780 $3,610 $13,810 Bal. $22,780$3,610 $13,810 $23,570$%3,610 $13,810 $13,400 -8,000 $31,000 + $3,800 6 6 8,000 $5,400 $31,000 +$3,800 +790 +790 $5,400 $31,000 + $4,590 -1,500 1,500 $22,070 $3,610 +$13,810 $5,400 $31,000 + $4,590 $1,500 al

Explanation / Answer

The following is the description of the eight transactions 1 Issuance of common stock to stockholders: worh $31,000. 2 Earned Revenue on account : Worth $3,800 3 Purchase equipment on account: worth $13,400. 4 Collected cash on account: worht $190 5 Cash purchase of equipment: worth $410 6 Paid cash on account: worth $8,000 7 Earned Revenue and received cash: worth $790 8 Paid cash for salaries Expense: worth $1,500.

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