A Company Entered into the Following Transactions During April

question 67

Essay

A company entered into the following transactions during April.
Required:
Complete the following table by indicating the amount and effect of each transaction on the accounting equation.

A.Signed a lease and made a payment of $4,500 to the landlord comprised of the current month's rent of $1,500 and the required $3,000 security deposit.
B.Purchased equipment on account for $35,000.
C.Purchased supplies for $6,500 on account and used them immediately.
D.Performed services and received cash of $57,000.
E.Performed services on account for $28,000.
F.Received a payment of $24,000 for services to be performed in the future.
G.Collected $14,000 from customers on account.
H.Paid employees $11,000 for work done during the month.
I.Made a $35,000 payment on account for equipment that was purchased above.
J.Made a payment of $6,500 on account for the supplies purchased above.
K.Received bills for the current month from telephone and electricity companies totaling $3,800; payments will be made next month.

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Definitions:

Postconventional

A level of moral reasoning in Kohlberg's theory, characterized by an understanding that morals and ethics are guided by universal principles and internal belief systems rather than societal or authority-based rules.

Postconventional

A level of moral reasoning in Kohlberg's theory characterized by the application of ethical principles and personal conscience over societal rules.

Moral Reasoning

The process of determining what is right or wrong in a given situation by applying ethical principles.

Privacy

The state or condition of being free from unauthorized intrusion or disclosure in one's personal life or affairs.