Accou Nting Essay

505 words - 3 pages

E3-4

Transaction 1: +20,000 cash, +20,000 common stock.
Description- A $20,000 dollar deposit was made increasing our assets by 20,000; since Assets = Liabilities + Stockholder’s equity and common stock falls under Stockholder’s equity, common stock is increased by 20,000.

Transaction 2: - 1,000 cash, + 5,000 equip., +4,000 accounts payable
Description- A 1,000 dollar deposit is made on and equipment purchase subtracting 1,000 cash from Nigel’s assets. The deposit was on a 5,000 piece of equipment adding 5,000 to Nigel’s assets. This leaves 4,000 dollars to add to the accounts payable column. Increasing liabilities by 4,000 and increasing assets by 4,000 (5,000 equip-1,000 cash).

Transaction 3: -750 cash, +750 supplies
Description- A 750 dollar cash withdraw in ...view middle of the document...

This increased assets and stockholder’s equity.

Transaction 5: -1,500 cash, -1,500 accounts payable
Description: A 1,500 dollar cash withdraw is made to make payment on accounts payable. This decreases assets but also decreases liabilities.

Transaction 6: -2,000 cash, -2,000 dividends
Description: A 2,000 dollar cash withdraw is made to pay out 2,000 in dividends. This decreases Nigel’s assets and increases stockholder’s equity.

Transaction 7: -8,00 cash, -800 Expenses( rent)
Description: An 8,00 dollar cash withdraw is made to make a rental expense payment decreasing assets by 8,00 and decreasing stockholder’s equity by 8,00

Transaction 8: +450 cash, -450 accounts receivable
Description: a 450 dollar cash deposit is made and a 450 dollar return is made in accounts receivable since both dollar amounts come from the assets column this does not increase or decrease.

Transaction 9: -3,000 cash, -3000 expenses (salary expense)
Description: A 3,000 dollar cash withdraw is made to pay out salary expenses. This decreases assets by 3,000 and stockholder’s equity by the same.

Transaction 10: +300 accounts payable, -300 expense (utility expense)
Description: A 300 dollar utility expense is paid on credit adding 300 dollars to the accounts payable column and subtracting 300 from the expense column under stockholder’s equity.

Net Income for the month for Nigel’s company $23,400.

E3-9

Assets = Liabilities + Stockholder’sEquity

Cash + A/R + Supp + Equip A/P + Common + Retained Earnings
Stock Rev - Exp - Div

MAY
4th -700 -700
7th +6500 +6500
8th +850 (Supp Exp)
9th -1000 +1000
17th -530
(Sal Exp)
22nd +900
(Equip Repair)
29th -1200 -1200

Net monthly income = $4240

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