Hi I am stuck I have answered SOME but not all and I really

Hi! I am stuck. I have answered SOME but not all and I really cannot afford to put the incorrect information.. Please help =(

The following Information applies to the questions displayed below.] An analysis of transactions made during July by NepCo, an Internet service provider, during Its first month of operations is shown below. Increases and decreases affecting revenues and expenses are explalned. Assets = Lie es + Accounts Payable Stockholders\' Equity Accounts Recelvable Supplies Equlpment Common Cash Stock +17,500 Retalned Earnings (a) 17,500 +1.105 +4,500 +855 -1,105 Utilities expense +7,200 Service revenue +7,200 (d) 7600 (e) 2,540 +12,100 +2,540 Service revenue +855 (g) -3,375 (h) -2,060 (1) -1,020 () 2,160 -3,375 Wage expense 2,060 -1,020 Rent expense -2,160 8145 5,040 855 12,100 3,085 17,500 5,555

Solution

1.

2a.

2b.

2c.

Notes: We should consider dual effect for each and every transaction.

	Assets		Liabilities		Shareholders Equity
	Cash	Accounts Receivable	Supplies	Equipment		Accounts Payable		Common Stock	Retained Earnings	Activities	Reasons
a	17,500.00							17,500.00		a) Issued Common stock for cash	By issuing common stock for cash, Cash balance and common stock will both be increased.
b						1,105.00			-1,105.00	b) Incurred utilities expense In july, but not paid	Utilities Expense - Paid on account. So accounts payable will increase and profit will decrease so retained earnings decreased
c		7,200.00							7,200.00	c) Sold services to customers on account	Service revenue on account - So accounts receivable will increase and also profit will increase leading to increase in retained earnings
d	-7,600.00			12,100.00		4,500.00				d) Purchased of equipment, paying in cash and the balance on account	Equipment purchased - Balance increased. Partly paid and partly on account so cash decreased and accounts payable increased.
e	2,540.00								2,540.00	e) Sold services to customers, who paid in cash	Cash sales - So retained earnings and cash balance increased
f			855.00			855.00				f) Purchased of supplies on account	Supplies and accounts poyable will be increased.
g	-3,375.00					-3,375.00				g) paid cash towards accounts payable	Cash paid - so balance reduced. Account spayable reduced as they got settled.
h	-2,060.00								-2,060.00	h) Paid cash for wage Expense	Wage Expense - Paid on account. So cash will decrease and profit will decrease so retained earnings decreased
i	-1,020.00								-1,020.00	i) paid cash for rent Expense	Rent Expense - Paid on account. So cash will decrease and profit will decrease so retained earnings decreased
j	2,160.00	-2,160.00								j) Collected cash from customers on account	Cash collected - cash balance increased. Accounts receivable reduced as cash collected from them
	8,145.00	5,040.00	855.00	12,100.00		3,085.00		17,500.00	5,555.00