Analyze the impact of business transactions on accounts

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Reference no: EM131312031

Learning Objectives : Explain what a transaction is; analyze the impact of business transactions on accounts;

record (journalize and post) transactions in the books;

construct and use a trial balance) Sean Huffman, Certified Public Accountant, operates as a professional corporation (P.C.).

The business completed these transactions during the first part of January 2014:

Cash.......................	$ 9,600
Accounts receivable.............	13,200
Inventory.........................	17,100
Supplies...........................	800
Land........................	53,000
Accounts payable...............		$12,200
Common stock.............		47,400
Sales revenue....................		37,100
Salary expense..................	1,900
Rent expense....................	1,100
Utilities expense.................	1,100
Total...............................	$97,800	$96,700

Reference no: EM131312031

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