Missy Crane opened a public relations firm called Goth on Au

Missy Crane opened a public relations firm called Goth on August 1, 2018 The During Septembe following amounts summarize her business on August 31, 2018 2018, the business completed the following transactions 1 (Click the icon to view the transactions.) EE (click the icon to view the amounts) Analyze the effects of the transactions on the accounting equation of Goth. Analyze the events chronologically, one transaction at a time. Beginning with transaction a, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete onily the necessary answer boxes for your transaction lines [Do not enter any zeros for your transaction lines ] Carry down all balances to the \"Bal.\" line, including zero balance accounts, entening a \"O\" for any zero balances Enter a decrease in an account with a minus sign or parentheses. Abbreviations used AP Accounts Payable /R -Accounts Receivable: Adv Advertising, Cap -Crane, Capital; Exp Expense, Liab Liabilities Rev. Revenue, Sup = Supplies withdr = Crane, withdrawals ) ASSETS LIAB.+ EQUITY Cash + A/R + Office + Land = A/P + Cap Service Rent Adv Sup RevEXp 3,400 Exp Bal 2300 3.400 12.000 = 8,0006 300 0 Bal

Solution

Assets

=

Liabilities

+

Equity

cash

+

A/r

+

Office supplies

+

land

=

A/p

+

cap

-

withdrawls

+

Service revenue

-

Rent expense

-

Adve expense

bal

2300

3400

0

12000

8000

6300

0

3400

0

0

a

16000

16000

bal

18300

3400

0

12000

8000

22300

0

3400

0

0

b

1600

1600

bal

19900

3400

0

12000

8000

22300

0

5000

0

0

c

(8000)

(8000)

bal

11900

3400

0

12000

0

22300

0

5000

0

0

d

600

600

bal

11900

3400

600

12000

600

22300

0

5000

0

0

e

2100

(2100)

bal

14000

1300

0

12000

0

22300

0

5000

0

0

f

(1100)

1100

bal

12900

1300

0

12000

0

22300

1100

5000

0

0

g

5000

5000

bal

12900

6300

0

12000

0

22300

1100

10000

0

0

h.1

(1100)

1100

h.2

(450)

450

bal

11350

6300

0

12000

0

22300

1100

10000

1100

450

Journal entries

Capital Cr. 16000

Service revenue Cr. 1600

Cash Cr. 8000

Accounts payable Cr. 600

A/R Cr. 2100

Cash Cr. 1100

Service revenue Cr. 5000

Cash Cr. 1100

2. Advertising expense Dr. 450

Cash Cr. 450

	Assets	=	Liabilities	+	Equity
	cash	+	A/r	+	Office supplies	+	land	=	A/p	+	cap	-	withdrawls	+	Service revenue	-	Rent expense	-	Adve expense
bal	2300		3400		0		12000		8000		6300		0		3400		0		0
a	16000										16000
bal	18300		3400		0		12000		8000		22300		0		3400		0		0
b	1600														1600
bal	19900		3400		0		12000		8000		22300		0		5000		0		0
c	(8000)								(8000)
bal	11900		3400		0		12000		0		22300		0		5000		0		0
d					600				600
bal	11900		3400		600		12000		600		22300		0		5000		0		0
e	2100		(2100)
bal	14000		1300		0		12000		0		22300		0		5000		0		0
f	(1100)												1100
bal	12900		1300		0		12000		0		22300		1100		5000		0		0
g			5000												5000
bal	12900		6300		0		12000		0		22300		1100		10000		0		0
h.1	(1100)																1100
h.2	(450)																		450
bal	11350		6300		0		12000		0		22300		1100		10000		1100		450