Katie's Wedding Planning Service completed the following transactions: a. Billed clients for service, $1,250. b. Completed work for clients who paid $500 cash. c. Received a bill for utilities to be paid later, $120. d. Collected cash on account from clients, $700. e. Paid the amount due for utilities. f. Withdrew $500 cash for personal use. Required: Record the above transactions in the expanded accounting equation. Note that the items have beginning balances. Katie's Wedding Planning Service

ASSETS = LIAB. OWNER'S EQUITY

Cash + Accts.Rec. = Accts Payable Mark's Capital +Rev. -Exp -Katie, With.

beg. $ 800 $ 85 = $300 $235 $ 900 $400 $150

a.

b.

c.

d.

e.

.f

T

Question

Katie's Wedding Planning Service completed the following transactions:
a. Billed clients for service, $1,250.
b. Completed work for clients who paid $500 cash.
c. Received a bill for utilities to be paid later, $120.
d. Collected cash on account from clients, $700.
e. Paid the amount due for utilities.
f. Withdrew $500 cash for personal use.
Required: Record the above transactions in the expanded accounting equation. Note that the items have beginning balances.
Katie's Wedding Planning Service

		ASSETS	=	LIAB.	OWNER'S EQUITY
	Cash +	Accts.Rec.	=	Accts Payable	Mark's Capital	+Rev.	-Exp	-Katie, With.
beg.	$ 800	$ 85	=	$300	$235	$ 900	$400	$150
a.
b.
c.
d.
e.
.f
T

Quizplus · Accepted Answer

The Answer of Katie's Wedding Planning Service completed the following transactions: a. Billed clients for service, $1,250. b. Completed work for clients who paid $500 cash. c. Received a bill for utilities to be paid later, $120. d. Collected cash on account from clients, $700. e. Paid the amount due for utilities. f. Withdrew $500 cash for personal use. Required: Record the above transactions in the expanded accounting equation. Note that the items have beginning balances. Katie's Wedding Planning Service

		ASSETS	=	LIAB.	OWNER'S EQUITY
	Cash +	Accts.Rec.	=	Accts Payable	Mark's Capital	+Rev.	-Exp	-Katie, With.
beg.	$ 800	$ 85	=	$300	$235	$ 900	$400	$150
a.
b.
c.
d.
e.
.f
T

Katie's Wedding Planning Service Completed the Following Transactions