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Question: 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 attached template to complete this assignment.
1-May
Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting.
2-May
Company paid monthly rent, $900.
3-May
Company bought supplies on account, $600.
5-May
Company paid monthly advertising, $125.
9-May
Company performed services, $4,000.
12-May
Owner, Suzie Maye, withdrew $1,000 for personal use.
15-May
Company performed services on account for $5,400.
17-May
Company paid monthly salaries, $2,500.
20-May
Company made a payment on account, $600.
23-May
Company received $4,000 from a customer on account.
26-May
Company borrowed $5,000 from local bank.
29-May
Company bought equipment on account for $4,200.
30-May
Company paid monthly utilities, $275.
Information related to above question is enclosed below:
Attachment:- ACC310Unit1IPTemplate.rar
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