Hello! I\'m having trouble completing this. I completed parts 1, 2, and 3 but th
ID: 2459174 • Letter: H
Question
Hello! I'm having trouble completing this. I completed parts 1, 2, and 3 but this one was complicated. Can someone help !Thank you so much!
Part 4
Write transaction events for Mr. Williams’ following transactions:
Cash
Williams Capital
Office Equipment
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
LEFT SIDE
Debit Decrease
-
RIGHT SIDE
Credit Increase
+
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
(1) 50000
(6) 10000
(8) 1500
(2) 10000
(5) 1000
(7) 500
(1) 50000
(6) 10000
(2) 10000
(3) 5000
(4) 2000
Accounts Receivable
Accounts Payable
Office Furniture
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
LEFT SIDE
Debit Decrease
-
RIGHT SIDE
Credit Increase
+
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
(4) 2000
(8) 1500
(5) 1000
(3) 5000
(7) 500
Guidelines:
· Identify the effect of each transaction on each account.
· Write the business transaction.
· Use the table below.
· The first transaction has been completed for you as an example.
(1) Mr. Williams invested $50,000 in his new business.
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Cash
Williams Capital
Office Equipment
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
LEFT SIDE
Debit Decrease
-
RIGHT SIDE
Credit Increase
+
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
(1) 50000
(6) 10000
(8) 1500
(2) 10000
(5) 1000
(7) 500
(1) 50000
(6) 10000
(2) 10000
(3) 5000
(4) 2000
Accounts Receivable
Accounts Payable
Office Furniture
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
LEFT SIDE
Debit Decrease
-
RIGHT SIDE
Credit Increase
+
LEFT SIDE
Debit Increase
+
RIGHT SIDE
Credit Decrease
-
(4) 2000
(8) 1500
(5) 1000
(3) 5000
(7) 500
Explanation / Answer
The first transaction has been completed for you as an example.
(1) Mr. Williams invested $50,000 in his new business.
(2) Office equipment purchased for cash for $10,000.
(3) Office equipment purchased on credit for $5,000.
(4) Office equipments sold on credit for $2000.
(5) Cash payment made to creditors (Accounts Payable) for $1000.
(6) Mr. Williams again invested $10,000 in his business.
(7) Purchased Office Furniture for cash for $500.
(8) Received $1500 cash from Accounts Receivables .
(1) Mr. Williams invested $50,000 in his new business.
(2) Office equipment purchased for cash for $10,000.
(3) Office equipment purchased on credit for $5,000.
(4) Office equipments sold on credit for $2000.
(5) Cash payment made to creditors (Accounts Payable) for $1000.
(6) Mr. Williams again invested $10,000 in his business.
(7) Purchased Office Furniture for cash for $500.
(8) Received $1500 cash from Accounts Receivables .
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