Reference no: EM132653387

Analyse the effect of each transaction during the month of October 2019 and the balances for all of the accounts after all transactions have been recorded. This is the first month for the business so there is No beginning balances exist in the accounts.

Answer the following questions when you record the transactions listed below:

a. Opened a business bank account for Jones, Inc., with an initial deposit of $54,000 in exchange for common stock.
b. Paid rent on the office building for the month, $2,500.
c. Received cash for fees earned of $6,000.
d. Purchased equipment, $8,000.
e. Borrowed $25,000 by issuing a note payable.
f. Paid salaries for the month, $1,500.
g. Received cash for fees earned of $9,500.
h. Paid dividends, $3,500.
i. Paid interest on the note, $150.

Question 1: What is the balance at the end of October for Retained earnings?

Question 2: What is the Total Equity for the month of October?

Question 3: What is the Total of Liabilities and Equity at the end of the month of October?