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Dec 26th, 2013
Art Design
Price: $5 USD

Question description


Cody Macedo established an insurance agency on January 1 of the current year and completed the following transactions during January:
(a)Opened a business bank account with a deposit of $75,000 in exchange for capital stock.
(b)Purchased supplies on account, $3,000.
(c)Paid creditors for account, $1,000.
(d)Received cash from fees earned on insurance commissions, $11,800.
(e)Paid rent on office and equipment for the month, $4,000.
(f)Paid automobile expenses for month, $600, and miscellaneous expenses, $200.
(g)Paid office salaries, $2,500.
(h)Determined that the cost of supplies on hand was $1,900; therefore, the cost of supplies used during the month was $1,100.
(i)Billed insurance companies for sales commissions earned, $12,500.
(j)Paid dividends, $5,000.
To Do: 
1In tabular form, indicate the effect each transaction has on the accounts. Calculate the balance of each account after all the transactions have been entered.
2Using the account balances at the end of the month, prove the accounting equation is in balance.

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