Question
Analyze the effects of DeanDean Consulting's transactions on the accounting equation.
Analyze the events? chronologically, one transaction at a time. Beginning with the second transaction on the? 2nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. After calculating the ending balance of each account on the? 30th, calculate total assets and total liabilities and equity.
Homework: Chapter 1 Homework Assignment Save Score: 0 of 10 pts 1 of 1 (O complete) HYV Score: 0%, 0 of 10 pts CP1-54 Continuing Problem (similar to) EQuestion Help Dean Consulting began operations and completed the following transactions during December, 2016 Click the icon to view the transactions.) Read the reqiamants Requirement 1. Analyze the effects of Dan Consulting's transactions on the accounting equation. Analyze the events chronologically, one transaction at a time. Beginning with the second transaction on the 2nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. After calculating the ending balance of each account on the 30th, calculate total assets and total liabilities and equity. (Complete anly the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] If an event has no effect on the accounting equation, leave the transaction line bank. Carry down all balances to the "Bal. "line, including zero balance accounts, entering a " for any zero balances. When more than one transaction occurs on the same date, enter the transactions into the accounting equation in the same order as shown in the question. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: AP- Accounts Payable; AWR Accounts Receivable; Com. -Comman: Contr.-Contributed: Div. Dividends; Equip Equipment; Exp. Expense; Fu. -Furniture; Off. Office; Rev.- Revenue Serv-Service; Sup-Supplies il-Utilities; U.-Unearned.) ASSETS LIABILITIES EQUITY Contr Capila+ Retained Earnings Cash + AVR + Off. + Equip. + Fum. A.P + Un. + Com. Div + Serv?. Rent - Util. R Exp Exp. Sup. Rav Stock Enter any number in the edit fields and then click Check Answer.
Explanation / Answer
1)
DeanDean Consulting's transactions on the accounting equation. Date Assets = Liabilities + Equity = + Contributed Capital + Retained Earnings Cash + A/R + Office Supplies + Equipment + Furniture = Accounts Payable + Unearned Revenue Common Stock - Dividend + Service Revenue - Rent Expense - Utilities expense Dec 2 $15,000.00 + + + + = + $15,000.00 - + - - Dec 2 -$2,700.00 + + + + = + - + - -$2,700.00 - Balance $12,300.00 + $0.00 + $0.00 + $0.00 + $0.00 = $0.00 + $0.00 $15,000.00 - $0.00 + $0.00 - -$2,700.00 - $0.00 Dec 3 -$2,550.00 + + + $2,550.00 + = + - + - - Balance $9,750.00 + $0.00 + $0.00 + $2,550.00 + $0.00 = $0.00 + $0.00 $15,000.00 - $0.00 + $0.00 - -$2,700.00 - $0.00 Dec 4 + + + + $4,650.00 = $4,650.00 + - + - - Balance $9,750.00 + $0.00 + $0.00 + $2,550.00 + $4,650.00 = $4,650.00 + $0.00 $15,000.00 - $0.00 + $0.00 - -$2,700.00 - $0.00 Dec 5 + + $200.00 + + = $200.00 + - + - - Balance $9,750.00 + $0.00 + $200.00 + $2,550.00 + $4,650.00 = $4,850.00 + $0.00 $15,000.00 - $0.00 + $0.00 - -$2,700.00 - $0.00 Dec 9 + $2,800.00 + + + = + - + $2,800.00 - - Balance $9,750.00 + $2,800.00 + $200.00 + $2,550.00 + $4,650.00 = $4,850.00 + $0.00 $15,000.00 - $0.00 + $2,800.00 - -$2,700.00 - $0.00 Dec 12 -$390.00 + + + + = + - + - - -$390.00 Balance $9,360.00 + $2,800.00 + $200.00 + $2,550.00 + $4,650.00 = $4,850.00 + $0.00 $15,000.00 - $0.00 + $2,800.00 - -$2,700.00 - -$390.00 Dec 18 $3,400.00 + + + + = + - + $3,400.00 - - Balance $12,760.00 + $2,800.00 + $200.00 + $2,550.00 + $4,650.00 = $4,850.00 + $0.00 $15,000.00 - $0.00 + $6,200.00 - -$2,700.00 - -$390.00 Dec 21 $1,500.00 + + + + = + 1500 - + - - Balance $14,260.00 + $2,800.00 + $200.00 + $2,550.00 + $4,650.00 = $4,850.00 + $1,500.00 $15,000.00 - $0.00 + $6,200.00 - -$2,700.00 - -$390.00 Dec 26 -$100.00 + + + + = -$100.00 + - + - - Balance $14,160.00 + $2,800.00 + $200.00 + $2,550.00 + $4,650.00 = $4,750.00 + $1,500.00 $15,000.00 - $0.00 + $6,200.00 - -$2,700.00 - -$390.00 Dec 28 $750.00 + -$750.00 + + + = + - + - - Balance $14,910.00 + $2,050.00 + $200.00 + $2,550.00 + $4,650.00 = $4,750.00 + $1,500.00 $15,000.00 - $0.00 + $6,200.00 - -$2,700.00 - -$390.00 Dec 30 -$300.00 + + + + = + - -$300.00 + - - Balance $14,610.00 + $2,050.00 + $200.00 + $2,550.00 + $4,650.00 = $4,750.00 + $1,500.00 $15,000.00 - -$300.00 + $6,200.00 - -$2,700.00 - -$390.00 $24,060.00 = $6,250.00 $15,000.00 $2,810.00 $6,250.00 Liabilities $17,810.00 Equity Total Assets $24,060.00 $24,060.00 Total Liabilities & Equity