Natalie Preston had the following transactions for Preston Business Services for 2016.
1)Provided services on account,$30,000.
2)Purchased $7,500 of office supplies on account.
3)At the end of the year,an adjusting entry was prepared for the supplies that had been used.The amount of office supplies still on hand was $750.
Required:
a)Show the effect of the above three events on the accounting equation.(You need to fill in the appropriate headings).
b)Set up the appropriate T-accounts and post each of the above transactions.
c)What is the amount of total assets at the end of 2016? What is the amount of net income for 2016?
Definitions:
Q11: Which document issued by a bank reflects
Q17: Indicate whether each of the following statements
Q25: Determine whether each of the following events
Q32: All journal entries made related to bank
Q64: Indicate whether each of the following statements
Q92: Convert 3.00 feet into centimeters.<br>A)10.2cm<br>B)14.2cm<br>C)25.4cm<br>D)91.4cm
Q96: The percent of revenue method for estimating
Q103: Debits decrease asset accounts.
Q119: During 2016,Oklahoma Trucking Co.had service revenue on
Q136: Recognition of revenue may be accompanied by