Assuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transacti
Assuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. You show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation.
Please record the following transactions using transaction analysis. Please use the template attached to complete.
Unit 1 IP
| Template | IP 1 | |||||||||||||||||||
| Assets | = | Liabilities | + | Owner's Equity | ||||||||||||||||
| Accounts | Accounts | Notes | Maye, | Maye, | Service | Expense | ||||||||||||||
| Date | Cash | + | Receivable | + | Supplies | + | Equipment | = | Payable | + | Payable | + | Capital | – | Drawing | + | Revenue | – | Expenses | Titles |
| 1-May | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 2 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 3 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 5 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 9 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 12 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 15 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 17 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 20 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 23 | ||||||||||||||||||||
| bal | – | |||||||||||||||||||
| 26 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 29 | ||||||||||||||||||||
| bal | ||||||||||||||||||||
| 30 | ||||||||||||||||||||
| bal |
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