Determine the accounts that will be affected

Assignment Help Accounting Basics

Reference no: EM133474224

Case: Lisa Anderson recently started a business, Anderson Events, that will provide promotion and advertising for fund raising events hosted by charities. She will operate the business as a proprietorship. The first month's transactions are listed below:

1. Invests $6,100 in the business out of her personal savings.

2. Transfers equipment valued at $4,100 to the business.

3. Purchases supplies for $510 cash.

4. Pays $660 for wages to an assistant.

5. Completes advertising brochures for a client, who pays $810 for the service.

6. Advertisements for Anderson Events are run in the local newspaper at a cost of $710 on account.

7. Provides services totaling $2,300 for several clients - one client whose bill is $310 pays cash, the remainder are on account.

8. Pays the amount owing to the newspaper for the advertisements described in 6.

9. Half the amount receivable from customers is collected.

10. Purchases additional equipment for $560, cash.

11. Withdraws $410 for personal use.

Question: For each of the above items, determine the accounts that will be affected, record each transaction in the table and set up the headings in the order of the accounting equation

Reference no: EM133474224

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