Reference no: EM132718239
Question: Debbie's Dance Studio is an incorporated business run by Debbie Star.
During its first month of operations, the following transactions occurred:
1. Debbie starts the business by investing cash of $7,000 and $1,400 in supplies in exchange for $8,400 in company shares.
2. Debbie's Dance Studio reached an agreement with the local school to provide dance lessons for $1,400 a month, starting next month.
3. Debbie's Dance Studio purchased audio equipment for $2,200, on account.
4. Debbie's Dance Studio billed customers $2,000 for dance lessons, with 80% received in cash and the rest charged on account .
5. Debbie's Dance Studio received a $5,000 loan from her aunt
6. Debbie's Dance Studio paid $300 cash for supplies.
7. Debbie's Dance Studio collected the amount owing from customers billed in #4.
8. Debbie's Dance Studio paid $1,000 cash to pay down the amount owing from #3.
9. Debbie's Dance Studio received $1,400 advance payment from the local school, for dance lessons to be given next month.
10. Debbie's Dance Studio paid $1600 cash to rent studio space for the current and subsequent months.
Show how each transaction affects the accounting equation.
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