Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation.
Please record the following transactions using transaction analysis. Please use attached template
|
Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting. |
|
Company paid monthly rent, $900. |
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Company bought supplies on account, $600. |
|
Company paid monthly advertising, $125. |
|
Company performed services, $4,000. |
|
Owner, Suzie Maye, withdrew $1,000 for personal use. |
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Company performed services on account for $5,400. |
|
Company paid monthly salaries, $2,500. |
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Company made a payment on account, $600. |
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Company received $4,000 from a customer on account. |
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Company borrowed $5,000 from local bank. |
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Company bought equipment on account for $4,200. |
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Company paid monthly utilities, $275. |
Template
IP 1
Assets
Date
1-May
bal
2
bal
3
bal
5
bal
9
bal
12
bal
15
bal
17
bal
20
bal
23
bal
26
bal
29
bal
30
bal
Cash
=
Accounts
+ Receivable + Supplies
Liabilities
Accounts
Notes
= Payable + Payable
+ Equipment
–
–
–
–
–
–
4.000
+
+
Owner’s Equity
Maye,
Service
– Drawing
+ Revenue
Maye,
Capital
– Expenses
–
–
–
–
–
–
–
Expense
Titles
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