Natalie Preston had the following transactions for Preston Business Services for Year 1:
1)Provided services on account for $30,000.2)Purchased $7,500 of supplies on account.3)At the end of the year, an adjusting entry was prepared for the supplies that had been used. The amount of supplies still on hand was $750.
Required: a)Fill in the three components of the accounting equation. Then, show the effect of each of these three events on the accounting equation by entering the dollar amounts in the appropriate columns. (Put parentheses around amounts that decrease a component of the accounting equation.)

Question

Quizplus · Accepted Answer

The Answer of Natalie Preston had the following transactions for Preston Business Services for Year 1:
1)Provided services on account for $30,000.2)Purchased $7,500 of supplies on account.3)At the end of the year, an adjusting entry was prepared for the supplies that had been used. The amount of supplies still on hand was $750.
Required: a)Fill in the three components of the accounting equation. Then, show the effect of each of these three events on the accounting equation by entering the dollar amounts in the appropriate columns. (Put parentheses around amounts that decrease a component of the accounting equation.)

Natalie Preston Had the Following Transactions for Preston Business Services