Analyze each of the following transactions in terms of their effects on the accounting equation of Osgood Delivery Service.The company is a sole proprietorship.Enter the correct amounts in the columns of the spreadsheet.
a)James Osgood contributes $75,000 cash to the business in exchange for capital.
b)The business purchases $750 of office supplies on account.
c)The business pays cash to purchase a delivery van for $25,000.
d)Services are performed for clients and $5,000 cash is received.
e)Cash is paid for rent expense,$800 and utilities expense,$400.
f)James Osgood withdraws $1,000 from the business for personal use.
Definitions:
Smart Phones
Advanced mobile phones equipped with internet access, apps, and various multimedia capabilities.
Sense of Urgency
A feeling that an action or task requires immediate attention or haste.
Teamwork
Collaborative effort of a group to achieve a common goal or to complete a task in the most effective and efficient way.
Specialist Role
A specific position requiring expertise in a particular area or field.
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