C hetps://v2.cengagenow. Ch 13 Exercises & Problems Show Me HowCalausr Kristoff

Question

C hetps://v2.cengagenow. Ch 13 Exercises & Problems Show Me HowCalausr Kristoff Walker eperates his own transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net ico. catering service. Summary financial data for February are presented in equation form as follows Each line designabed by a rumber indicates the effe Owner's Equity Cash + Supplies + Land Accounts payable Kristo" walker, Capital + Kristee walke, eeasin9 · Sees earned Expesa , al. 36,900 4,800 92,300 1+43,200 10,000 24,000 18500 32,100 32,100 1,800 1,800 5. 2,500 2,500 6. 8,900 8,900 3,700 3,700 43,200 35,800 Bal. 18,100 2,900 110,800 (1) Select the description for transaction 3 a. (2) Select the description for transaction 2 a. (3) Select the description for transaction 3 a. (4) Select the descriotion for transaction 4 a. (5) Select the description for transaction 5 Previous Next 2 more Check My Wark uses nemaning work saved

Explanation / Answer

Nature of Transactions :

a. (1) Fees earned in the form of cash.

(2) Purchase of Land with cash.

(3) Expenses paid with cash.

(4) Purchased supplies on credit.

(5) Drawings made in the form of cash.

(6) Creditors are paid in cash.

(7) Supplies are utilized.

b. $18,800 (Opening cash-closing cash).

c. $7,800 (Opening capital-drawings+Net profit).

d. $7,400 (Fees earned-Expenses paid).

e. $7,400 (Net Income in the period is carried forward to balance sheet).

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