Transaction Analysis - Account, assignment help

Jan 15th, 2016
Business Finance
Price: $5 USD

Question description

Transaction Analysis - Accounting

Help me answer this problem. I have been trying to for a few hours and no success, I continiously get unequal answers and I dont know what the problem may be. 

Nico Mitchell started a new business, Nico’s Solutions, and completed the following transactions during its first year of operations.

 a.  N. Mitchell invests $90,000 cash and office equipment valued at $20,000 in the company in exchange for its common stock.

 b.  The company purchased a $150,000 building to use as an office. It paid $40,000 in cash and signed a note payable promising to pay the $110,000 balance over the next ten years.

 c.  The company purchased office equipment for $25,000 cash.

d.  The company purchased $1,200 of office supplies and $1,700 of office equipment on credit.

 e.  The company paid a local newspaper $750 cash for printing an announcement of the office’s opening.

 f. The company completed a financial plan for a client and billed that client $2,800 for the service.

 g.  The company designed a financial plan for another client and immediately collected a $4,000 cash fee.

 h. The company paid $11,500 cash in dividends to the owner (sole shareholder).

 i.  The company received $1,800 cash from the client described in transaction f.

 j.  The company made a payment of $700 cash on the equipment purchased in transaction d.

 k.  The company paid $2,500 cash for the office secretary’s wages.


 1.  Create a table like the one we did in class, using the following headings for the columns: Cash; Accounts Receivable; Office Supplies; Office Equipment; Building; Accounts Payable; Notes Payable; Common Stock; Dividends; Revenues; and Expenses.

 2.  Use additions and subtractions within the table created in part 1 to show the dollar effects of each transaction on individual items of the accounting equation. Show new balances after each transaction.

Tutor Answer

(Top Tutor) pitah
School: UC Berkeley

Studypool has helped 1,244,100 students

Review from student
" The best tutor out there!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors