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Record each transaction in the accounting equation

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Reference no: EM132739412

Jason Adams opened an accounting office on March 1st. During the first month of business, the following transactions occurred.

  1. March 1st: Jason Adams invested $5,000 in his new business.
  2. March 1st: Paid $750 for office rent for the month of March.
  3. March 3rd: Purchased office equipment for $500 cash.
  4. March 8th: Borrowed $5,000 cash from the bank as a note payable.
  5. March 10: Performed $500 of accounting services on account.
  6. March 13th: Performed $300 of accounting services, being paid cash.
  7. March 20th: Received payment in cash from the March 10th transaction.
  8. March 25th: Purchased $200 office supplies on account.
  9. March 31st: Paid the following expenses: utilities $150, advertising expenses of $200.
  10. March 31st: Jason withdrew $500 for personal use.In this template (Links to an external site.)

Problem 1: Record each transaction in the accounting equation using the following account titles: Cash, Accounts Receivable, Office Supplies, Office Equipment, Accounts Payable, Notes Payable, Owner's Capital, Owner's Withdrawals, Service Revenue, Expenses.

Reference no: EM132739412

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