Analyze the effects of the proceeding events on the account equation Mar. 1 Sold
ID: 2550030 • Letter: A
Question
Analyze the effects of the proceeding events on the account equationMar. 1 Sold personal investment in Amazon.com stock, which she had owned for several years, receiving $35,000 cash 2 Deposited the $35,000 cash from the sale of the Amazon.com stock in her personal bank account 3 Deposited $73,000 cash in a new business bank account titled Annette Pachelo, Attorney. The business gave capital to Pachelo 5 Paid S700 cash for ink cartridges for the printer 7 Purchased computer for the law office, agreeing to pay the account, S5,000, within three months 9 Received $2,800 cash from customers for services rendered 15 Received bill from The Lawyer for magazine subscription, S400. (Use Miscellaneous Expense account.) 23 Finished court hearings on behalf of a client and submitted a bill for legal services, $10,000, on account. 28 Paid bill from The Lawyer. 30 Paid utilities, $1,200 31 Received S3,300 cash from clients billed on March 23 31 Pachelo withdrew cash of $5,500 PrintDone
Explanation / Answer
Cash A/R office comp A/P Cap with Service utilitu misc supp revnue exp expen 1-Mar no effect 2-Mar no efect bal 0 0 0 0 0 0 0 0 0 0 3-Mar 73,000 73,000 bal 73000 0 0 0 0 73000 0 0 0 0 5-Mar -700 0 700 0 0 0 0 0 0 0 Bal 72300 0 700 0 0 73000 0 0 0 0 7-Mar 0 0 0 5,000 5,000 0 0 0 0 0 Bal 72300 0 700 5000 5000 73000 0 0 0 0 9-Mar 2,800 0 0 0 0 0 0 2,800 0 0 Bal 75100 0 700 5000 5000 73000 0 2800 0 0 15-Mar 0 0 0 0 400 0 0 0 0 -400 Bal 75100 0 700 5000 5400 73000 0 2800 0 -400 23-Mar 0 10,000 0 0 0 0 0 10,000 0 0 Bal 75100 10000 700 5000 5400 73000 0 12800 0 -400 28-Mar -400 0 0 0 -400 0 0 0 0 0 Bal 74700 10000 700 5000 5000 73000 0 12800 0 -400 30-Mar -1,200 0 0 0 0 0 0 0 -1,200 0 Bal 73500 10000 700 5000 5000 73000 0 12800 -1200 -400 31-Mar 3,300 -3,300 0 0 0 0 0 0 0 0 Bal 76800 6700 700 5000 5000 73000 0 12800 -1200 -400 31-Mar -5,500 0 0 0 0 0 -5,500 0 0 0 End bal 71300 6700 700 5000 5000 73000 -5500 12800 -1200 -400