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.
Mitchell started a new business, Nico’s Solutions, and completed the following
transactions during its first year of operations.
Mitchell invests $90,000 cash and office equipment valued at $20,000 in the
company in exchange for its common stock.
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.
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.
company paid a local newspaper $750 cash for printing an announcement of the
f. The company completed a financial plan for
a client and billed that client $2,800 for the service.
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).
company received $1,800 cash from the client described in transaction f.
company made a payment of $700 cash on the equipment purchased in transaction
company paid $2,500 cash for the office secretary’s wages.
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;
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.