Transactions Made by Benj & Co

question 145

Essay

Transactions made by Benj & Co., an accounting firm, for the month of May are shown below. Prepare a tabular analysis, which shows the effects of these transactions on the expanded accounting equation, with owner's equity columns for Capital, Drawings, Revenues, and Expenses
1. The owner invested $20,000 cash in the business.
2. The company purchased $8,000 of office equipment on credit.
3. The company received $9,000 cash in exchange for services performed.
4. The company paid $1,350 for this month's rent.
5. The owner withdrew $2,000 cash for personal use.

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Definitions:

Recognize

To identify someone or something from having encountered them before; to know again.

Preoperational Child

A stage in Piaget's theory of cognitive development where children, typically aged 2-7, are not yet able to think logically or understand the concept of conservation.

Another's Point Of View

The ability to understand and consider the perspective, feelings, and thoughts of someone else, essential for empathy and social interaction.

Egocentrism

The inability to differentiate between self and other, often seen in early childhood development, leading individuals to assume that others share their viewpoints.