Reference no: EM132864586
Notwist Copy Company incurred the following transactions during the month of March 2021:
March 1 M. Acher invests $70,000 cash to start the business
March 3 Purchased three pieces of equipment for $160,000, paying $50,000 cash and signing a 5-year, 10% note for the remainder.
March 5 Purchased $5,000 supplies on credit.
March10 Cash revenue amounted to $7,000.
March 15 Paid $500 cash for radio advertising.
March 20 Paid $800 on account for supplies purchased on March 5.
March 22 Owner withdrew $2,100 from the business for personal expenses.
March 29 Paid $1,200 cash for rent for the current month.
March 30 Received $2,000 cash advance from a customer for future copying.
March 31 Billed a customer for $575 for photocopy work done.
Requirements:
Problem 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts receivable, equipment, accounts payable, notes payable, unearned service revenue, capital, withdrawal, revenues, expenses.
Problem 2) Journalize the above transactions.
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