Reference no: EM132573960

Question - After several months of planning, Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month of business.

Aug. 1. Worthy invested $3,000 cash and $15,000 of equipment in Expressions.

Aug 2. Expressions paid $600 cash for furniture for the shop.

Aug 3. Expressions paid $500 cash to rent space in a strip mall for August.

Aug 4.Purchased $1,200 of equipment on credit for the shop (recorded as accounts payable).

Aug 15. Expressions opened for business on August 5. Cash received from haircutting services in the first week and a half of business (ended August 15) was $825.

Aug 16. Expressions provided $100 of haircutting services on credit.

Aug 17. Expressions received a $100 check for services previously rendered on credit.

Aug 18. Expressions paid $125 cash to an assistant for hours worked for the grand opening.

Aug 31. Cash received from services provided during the second half of August was $930.

Aug 31. Expressions paid $400 cash toward the accounts payable entered into on August 4.

Aug 31. Worthy made a $900 cash withdrawal from Expressions for personal use.

Requirement - Make an Accounting Equation.