1 answer

6. Schultz Tax Services, a tax preparation business had the following transactions during the month of...

Question:

6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Receive
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services, $3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense, $800. 4. Received cash from customers on account, $3,800. 5. Owner made a withdrawal, $1,500. 6. Received telephone bill, $220. 7. Paid telephone bill, $220. Required: 1) In the table below, state the accounts affected by each transaction. 2) Indicate the effect on the accounting equation of each transaction. Assets F Liabilities + Owner's Equity Cash +25,000 +25,000 1.

Answers

Solution:

1 & 2

# Assets = Liabilities + Owner's Equity
Ex. Cash +25,000 +25,000
1 Cash +3,000 Revenues +3,000
2 A/R +7,000 Revenues +7,000
3 Cash -800 Expenses -800
4 Cash +3,800
A/R -3,800
5 Cash -1,500 Drawings -1,500
6 A/P + 220 Expenses -220
7 Cash -220 A/P -220
.

Similar Solved Questions

1 answer
Gabby documents the facts of a patient fall in the medical record. Gabby also fills out...
Gabby documents the facts of a patient fall in the medical record. Gabby also fills out the incident report. Julie, the scanning technician, scans the incident report into the medical record. Analyze the situation to determine if Julie followed the proper steps....
1 answer
A) What trend in atomic radius is evident? b) Identify this trend. c) Would the same...
a) What trend in atomic radius is evident? b) Identify this trend. c) Would the same trend be observed for the period two elements? Element and Atomic Symbol Number Electronegativ (Pauling Scale Atomic Radius (pm) OR 10-12 m 186 Melting Point (C) 98 Boiling Point (°C) 883 11 0.9 12 160 649 10...
1 answer
Problem 1. The alkalinity in raw water entering a drinking water plant can decrease during sig-...
Problem 1. The alkalinity in raw water entering a drinking water plant can decrease during sig- nificant rainfall events. Jar tests showed an optimal alum (MW 594) dosage of 35 mg/1. If the raw water contains an alkalinity concentration of 25 mg/1 as CaCOs and a pH of 7.5, does sufficient alkalinity...
1 answer
9) Mr. Smith approached the hotel’s front desk agent and reported that he left his expensive...
9) Mr. Smith approached the hotel’s front desk agent and reported that he left his expensive watches before going to dine in a restaurant, and when he came back they were missing from the table where he left them. The front desk agent immediately concluded that Select one: a. further investiga...
1 answer
Draw the structure of the major product of the following diels-alder reaction. clearly indicate relative stereochemistry....
draw the structure of the major product of the following diels-alder reaction. clearly indicate relative stereochemistry. b) use resonance hybrid structures for regiochemistry (to explain it) What the product of the D-A reaction? Stereochemistry (1enantiome) Explain regiochemistry using resonanc...
1 answer
Use the online Professional View of the FASB Accounting Standards Codification (ASC) to answer several questions...
use the online Professional View of the FASB Accounting Standards Codification (ASC) to answer several questions in a written report. In the entire report, be sure to use “quotation marks” whenever you are not using your own words For the first set of questions (under the heading “...
1 answer
You will need to thoroughly understand the environment into which you are considering expanding.  One of the...
You will need to thoroughly understand the environment into which you are considering expanding.  One of the first tests of a company’s strategy is, “how well does it fit considering the company’s “situation”? The company’s situation is largely composed ...
1 answer
4.72) Water flows in an open rectangular channel at a depth of 1 m with a velocity of 4 m/s. The ...
4.72) Water flows in an open rectangular channel at a depth of 1 m with a velocity of 4 m/s. The bottom of the channel drops over a short length a distance of 1 m. Calculate the two possible depths of flow after the drop. Neglect all losses. If the head loss in Problem 4.72 across the channel drop i...
1 answer
Answer these questions: 1. Do you see evidence of an association between the amount of fish...
Answer these questions: 1. Do you see evidence of an association between the amount of fish in a man's diet and his risk of developing prostate cancer? 2. Does this study prove that eating fish does NOT prevent prostate cancer? Explain clearly. USE R CODE FOR DATA IS HERE: fish = read.csv("h...
1 answer
ASAP please 5. Question 4.22 Given the electric flux density D= x2(x + y) +9(3x –...
ASAP please 5. Question 4.22 Given the electric flux density D= x2(x + y) +9(3x – 2y) 2 Determine the following: a. Pv by applying Eq. (4.26). b. The total charge enclosed in a cube 2 m on a side, located in the first octant with three of its sides coincident with the x-y-and z axes and one o...
1 answer
Suppose a country was looking to replicate the results (quantity of imports) from question 7d (The...
Suppose a country was looking to replicate the results (quantity of imports) from question 7d (The following equations represent a small country's home supply and demand curves for widgets: S = 200 + 2P and D = 1,000 – 2P. <7d> Suppose the Supply curve is now S = 0 + 2P, the world pr...
1 answer
A nurse on the night shift is making client rounds. When the nurse checks on a...
A nurse on the night shift is making client rounds. When the nurse checks on a client who is 90 years old and is being treated for heart failure with no improvement, he notes that the client is not breathing. If the dient does not have a DNR order, the nurse should A. administer CPR B. all the clien...
1 answer
Need help. thank you
need help. thank you...
1 answer
How do you find the integral of #int (sinx)^4(cosx)^2dx#?
How do you find the integral of #int (sinx)^4(cosx)^2dx#?...
1 answer
URGENT!!! Econo-Cool air conditioners cost $355 to purchase, result in electricity bills of $161 per year,...
URGENT!!! Econo-Cool air conditioners cost $355 to purchase, result in electricity bills of $161 per year, and last for 5 years. Luxury Air models cost $555, result in electricity bills of $122 per year, and last for 8 years. The discount rate is 20%. a. What is the equivalent annual cost of the Eco...
1 answer
Please select all that apply 11. When a T helper cell is stimulated, what cells are...
please select all that apply 11. When a T helper cell is stimulated, what cells are produced? Select all that apply cytotoxic T cells memory B cells plasma cells clones of the stimulated T cell...