using the accounting equation to analyze transactions and calculate net income or ne 536653
Using the accounting equation to analyze transactions and calculate net income or net loss
The analysis of the first eight transactions of All-in-one Accounting Service follows. The owner made only one investment and there were no owner drawings.
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|
Cash |
+ Accounts receivable |
+ Equipment |
= Accounts payable |
+ Larrison capital |
|
|
1 |
+ 31,000 |
+ 31,000 |
|||
|
2 |
+ 3,800 |
+ 3,800 |
|||
|
3 |
+ 13,400 |
+ 13,400 |
|||
|
4 |
+ 190 |
– 190 |
|||
|
5 |
– 410 |
+ 410 |
|||
|
6 |
– 8,000 |
– 8,000 |
|||
|
7 |
+ 790 |
+ 790 |
|||
|
8 |
– 1,500 |
– 1,500 |
Requirements
1. Describe each transaction.
2. If these transactions fully describe the operations of All-in-one Accounting Service during the month, what was the amount of net income or net loss?
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