# Can anyone help

Dec 26th, 2013
RockCafe
Category:
Other
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: 1 In tabular form, indicate the effect each transaction has on the accounts. Calculate the balance of each account after all the transactions have been entered. 2 Using the account balances at the end of the month, prove the accounting equation is in balance.

(Top Tutor) Daniel C.
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School: Boston College

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Sigchi4life
Dec 28th, 2013
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