Record the Effects of the Following Transactions on the Accounting

question 112

Essay

Record the effects of the following transactions on the accounting equation. After recording the transactions, compute the ending balances of the equation to prove it balances.
1. A business received $10,000 and issued common stock.
2. Paid $2,000 monthly rent for office space.
3. Purchased $3,000 of office equipment, paying cash.
4. Purchased $500 of office supplies on account.
5. Recorded $4,000 of revenue, receiving cash.
6. Performed $1,500 of services on account.
7. Paid utilities expense of $900.
8. Collected cash from a customer on account, $1,000.
9. Borrowed $10,000 from the bank and signed a note payable.

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Definitions:

Funnel Sequence

A structured approach to narrow down information or options, typically starting broad and becoming more specific.

Inverted Funnel Sequence

A communication strategy or storytelling method that starts with broad, general information and narrows down to specific details.

Hourglass Sequence

A narrative or structural format that starts and ends broadly, with a tighter focus or narrower scope in the middle.

Closing Phase

The final stage in a process or activity, where completion is prepared and assessed.