3) Soo Lin, the sole stockholder, begar-an Internet Consult ng practice organize

Question

3) Soo Lin, the sole stockholder, begar-an Internet Consult ng practice organized as a corporation and completed these transactions during April of the current year Invested $100,000 of her personal savings into a checking account openel in the April name of the business. 2 Rented office space ard paid S1,200 cash for the month of September. 3 Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year. 4 Purchased office supplies for $750 cash. Completed work for a client and immediatel, collected $2,700 cash for tte services 15 Completed $3,600 services for a client on credit. 20 | Received $3,600 from a client for the work rompleted on September 15 30 Paid the office secretary's monthly salary, $3,000 cash. 30 The corporation paid a $2,000 dividend. Show the effects of the above transactions on the accounting equation of Soo Lin, Con: altant. Use t following format for your answers. "The first item is shown as an example. Increase-I Decrease = D No effect = N Date Assets Liabilities Equity Example: April 1

Explanation / Answer

Date Assets Liabilities Equity April , 01 Increase No Effect Increase April , 02 Decrease No Effect Decrease April , 03 Increase Increase Decrease April , 04 Decrease No Effect Decrease April , 08 Increase No Effect Increase April , 15 Increase No Effect Increase April , 20 No Effect No Effect No Effect April , 30 Decrease No Effect Decrease April , 30 Decrease No Effect Decrease

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