Selected Transactions for Sarah's Kitchen Are Shown Below

question 43

Essay

Selected transactions for Sarah's Kitchen are shown below. State the effect in dollars on the accounting equation of each transaction.
a)Sarah Cook invests $20,000 cash into a business known as Sarah's Kitchen.
b)Sarah purchases kitchen supplies on account for $500.
c)Sarah purchases a new oven for $6,500 cash.
d)Sarah receives and pays the kitchen's utilities bill amounting to $425.
e)Kitchen revenue for the current period amounts to $2,500. (All revenue transactions involved cash.) $\begin{array} { | l | l | l | l | } \hline \text { Item } & \text { Assets } & \text { Liabilities } & \begin{array} { l } \text { Owner's } \\\text { Equity }\end{array} \\\hline \text { a) } & & & \\\hline \text { b) } & & & \\\hline \text { c) } & & & \\\hline \text { d) } & & & \\\hline \text { e) } & & & \\\hline \text { Totals } & & & \\\hline\end{array}$

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Definitions:

Job Title

A job title is an official name or designation assigned to a position based on the role and responsibilities it entails.

Phone Number

A series of digits assigned to a specific telephone line for the purpose of making and receiving calls.

Email Client

Software used to access and manage a user's email, allowing them to send, receive, and organize messages.

Compose

The act of creating a written piece, such as an email or a document.