Transaction Analysis - Account, assignment help

Jan 15th, 2016
Sigchi4life
Category:
Accounting
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.

Required

 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.

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