Homework SourseChoose the letter that matches your analysis from the table
Choose the letter that matches your analysis from the table provided here.
Note that \"no transaction\" means NO transaction needs to be recorded. If assets increase and decrease by the same amount, that is B, not J.
You may use letters more than once or not at all.
Assets
Liabilities
Equity
Net Income
A
B
C
D
E
F
G
H
I
J
no transaction
Bardo, Inc. is a law firm that prepares monthly financial statements. The following transaction took place in November.
On November 5,The shareholders of Bardo contribute an additional $5,000 to the corporation in exchange for stock.
On November 15, Bardo pays $8,000 for a six month lease that begins on December 1.
On November 18, Bardo purchases $8,500 of office supplies on credit.
On November 20, Bardo orders office furniture for $32,000, on credit. The furniture will arrive next month.
On November 22, Bardo agrees to provide legal services for a trial in December. The client will pay Bardo $15,000 in December.
On November 24, Bardo provides $5,000 worth of legal services for cash.
On November 28, Bardo receives $1,000 for a legal consultation to be provided to a customer in December.
On November 30, Bardo receives $45 from the bank (the bank increases Bardo\'s savings account) for interest earned on the account during November.
On November 30, Bardo pays $1,500 for November\'s malpractice insurance.
On November 5,The shareholders of Bardo contribute an additional $5,000 to the corporation in exchange for stock.
On November 15, Bardo pays $8,000 for a six month lease that begins on December 1.
On November 18, Bardo purchases $8,500 of office supplies on credit.
On November 20, Bardo orders office furniture for $32,000, on credit. The furniture will arrive next month.
On November 22, Bardo agrees to provide legal services for a trial in December. The client will pay Bardo $15,000 in December.
On November 24, Bardo provides $5,000 worth of legal services for cash.
On November 28, Bardo receives $1,000 for a legal consultation to be provided to a customer in December.
On November 30, Bardo receives $45 from the bank (the bank increases Bardo\'s savings account) for interest earned on the account during November.
On November 30, Bardo pays $1,500 for November\'s malpractice insurance.
| Assets | Liabilities | Equity | Net Income | |
| A | + | + | ne | ne |
| B | +,- | ne | ne | ne |
| C | + | ne | + | ne |
| D | + | ne | + | + |
| E | ne | - | + | + |
| F | - | ne | - | - |
| G | - | - | ne | ne |
| H | ne | + | - | - |
| I | - | ne | - | ne |
| J | no transaction |
Solution
Nov-05 Asset and equity increased C Nov-15 Cash decreased and lease asset increased B Nov-18 Supplies increased and accounts payable increased A Nov-20 No trannsaction for order J Nov-22 Agrees to provide no transaction was there J Nov-24 Cash increase and net income increased D Nov-28 Cash received , Unearned revenue increase A Nov-30 Cash increased and interest income Increased D Nov-30 Cash paid for insurance F![Choose the letter that matches your analysis from the table provided here. Note that \](/WebImages/32/choose-the-letter-that-matches-your-analysis-from-the-table-1094436-1761576845-0.webp "Choose the letter that matches your analysis from the table provided here. Note that \")
![Choose the letter that matches your analysis from the table provided here. Note that \](/WebImages/32/choose-the-letter-that-matches-your-analysis-from-the-table-1094436-1761576845-1.webp "Choose the letter that matches your analysis from the table provided here. Note that \")
