Following Is a List of Events for Sterling Moving for the Month

question 97

Essay

Following is a list of events for Sterling Moving for the month of January. Show the effects in dollars of these events on the accounting equation by completing the table below.
Jan. 1 Owner invested $30,000 cash into the business.
3 Purchased $1,500 of equipment with cash.
5 Purchased $400 of supplies on account.
12 Bought a car, paying $2,000 in cash and signing a note
for $10,000.
14 Performed services for a customer for $1,000 on account.
15 Paid employee wages of $600.
18 Paid $2,000 on the note payable for the car purchased on Jan. 12.
24 Performed services for a customer for cash, $2,500.
27 Collected $500 from the customer of Jan. 14.
30 Owner withdrew $400 cash for personal use. $\begin{array} { | r | l | l | l | l | l | l | l | l | } \hline \text { Date } & \text { Cash } & \text { A/R } & \text { Supp. } & \text { Equip } & \text { Car } & \text { A/P } & \text { N/P } & \text { Capital } \\\hline \text { Jan. 1 } & & & & & & & & \\\hline 3 & & & & & & & & \\\hline 5 & & & & & & & & \\\hline 12 & & & & & & & & \\\hline 14 & & & & & & & & \\\hline 15 & & & & & & & & \\\hline 18 & & & & & & & & \\\hline 24 & & & & & & & & \\\hline 27 & & & & & & & & \\\hline 30 & & & & & & & & \\\hline \text { Total } & & & & & & & & \\\hline\end{array}$

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Definitions:

Relative Price

The price of a good or service in comparison to the price of other goods and services, reflecting its opportunity cost.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Tee Shirts

A casual garment made of fabric, typically cotton, with a T-shaped body and short sleeves, worn by people of all ages and genders.

Pareto Optimal

A situation where resources are distributed in such a way that improving the condition of one person necessitates disadvantaging at least another individual.