AI Solved: The following transactions relate to the business of Betty’s Fashions, a service business. Jun 1 B. Rubble contributed an additional $80,000 cash to the business. Required: A. Indicate the effect of the above transaction on the accounting equation. NOTE: Click each box, and from the dropdown list, select the appropriate effect. Select “Not effect” if the account is not affected. [table] Date | Assets | | | = | Liability | + | Owner’s Equity | + | Incomes | _ | Expenses Cash | Premises | Sewing Equipment | Accounts Receivable | | Accounts Payable | Loan | | Capital | | Service Income | | Wage Jun 1 | Blank 1 Question 1 IncreaseDecreaseNo effect | Blank 2 Question 1 IncreaseDecreaseNo effect | Blank 3 Question 1 IncreaseDecreaseNo effect | Blank 4 Question 1 IncreaseDecreaseNo effect | Blank 5 Question 1 IncreaseDecreaseNo effect | Blank 6 Question 1 IncreaseDecreaseNo effect | Blank 7 Question 1 IncreaseDecreaseNo effect | Blank 8 Question 1 IncreaseDecreaseNo effect | Blank 9 Question 1 IncreaseDecreaseNo effect [/table] B. Record the above transaction in the following journal book of Betty’s Fashions. NOTE: Record the debit entry (account) before the credit entry for each journal, and select “N/A” if any box is not required. [table] Journal Entry Date | Accounts/Details | Debit (Dr) | Credit (Cr) Jun 1 | Blank 10 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 11 Question 1 80,000N/A | Blank 12 Question 1 80,000N/A Blank 13 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 14 Question 1 80,000N/A | Blank 15 Question 1 80,000N/A [/table] C. Enter the transactions listed above into the following general ledger accounts. NOTE: Click each box, and from the dropdown list, select the appropriate date, details and dollar amount. Select “N/A” if any ledger box is not required. CASH [table] Date | Details | $ | Date | Details | $ Blank 16 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 17 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 18 Question 1 80,000N/A | Blank 19 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 20 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 21 Question 1 80,000N/A [/table] CAPITAL [table] Date | Details | $ | Date | Details | $ Blank 22 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 23 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 24 Question 1 80,000N/A | Blank 25 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 26 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 27 Question 1 80,000N/A [/table] | Accounting equation | Other | Black Tom

Which of the following accounting equations is correct?

How many effects on the accounting equation occur due to each transaction?

Olivia Zheng opened Happy House Consulting and provides services to customers in Oakleigh. The following transactions occurred during January 2022. January 3 Commenced business with $10,000 cash, equipment valued $20,000 and the furniture and fittings of $8,000 7 Paid rent expense, $9,600 8 Purchased supplies on credit from Quick Buy Ltd for $2,000. 10 Provided services to customers - cash fees, $13,000 11 Returned faulty supplies to Quick Buy Ltd, received a credit note for $200 15 Borrowed loan from ANB Bank $20,000 – due 2023 17 Paid wages to the part-time assistant - $450 19 Performed $1,500 services on account 19 Paid $1,800 to accounts payable. 20 Purchased $2,500 computer on credit. 28 Received $1,000 from accounts receivable. 29 Jones withdrew $800 cash and supplies of $200 for personal use. REQUIRED: Analyse the above transaction by using the accounting equation. (NOTE: Complete the transaction analysis by clicking on the dropdown list of each box and selecting the appropriate amount. Where the account is not affected, select the amount as $0.00. The first transaction was done as an example.) [table] Date | Assets | | | | | | = | Liabilities | | + | Equity | | + | Income | - | Expenses | Cash | Equipment | Furniture | Supplies | Accounts receivable | Computer | | Accounts payable | Loan | | Capital | Drawings | | Service Income | | 3/1 | $10,000 | $20,000 | $8,000 | $0.00 | $0.00 | $0.00 | | $0.00 | $0.00 | | $38,000 | $0.00 | | $0.00 | | $0.00 7/1 | Blank 1 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 2 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 3 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 4 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 5 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 6 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 7 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 8 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 9 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 10 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 11 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 12 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 8/1 | Blank 13 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 14 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 15 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 16 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 17 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 18 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 19 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 20 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 21 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 22 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 23 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 24 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 10/1 | Blank 25 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 26 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 27 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 28 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 29 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 30 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 31 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 32 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 33 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 34 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 35 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 36 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 11/1 | Blank 37 Question 3 $200-$200$200 & -$200$0.00 | Blank 38 Question 3 $200-$200$200 & -$200$0.00 | Blank 39 Question 3 $200-$200$200 & -$200$0.00 | Blank 40 Question 3 $200-$200$200 & -$200$0.00 | Blank 41 Question 3 $200-$200$200 & -$200$0.00 | Blank 42 Question 3 $200-$200$200 & -$200$0.00 | | Blank 43 Question 3 $200-$200$200 & -$200$0.00 | Blank 44 Question 3 $200-$200$200 & -$200$0.00 | | Blank 45 Question 3 $200-$200$200 & -$200$0.00 | Blank 46 Question 3 $200-$200$200 & -$200$0.00 | | Blank 47 Question 3 $200-$200$200 & -$200$0.00 | | Blank 48 Question 3 $200-$200$200 & -$200$0.00 15/1 | Blank 49 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 50 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 51 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 52 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 53 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 54 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 55 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 56 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 57 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 58 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 59 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 60 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 17/1 | Blank 61 Question 3 $450-$450$450 & -$450$0.00 | Blank 62 Question 3 $450-$450$450 & -$450$0.00 | Blank 63 Question 3 $450-$450$450 & -$450$0.00 | Blank 64 Question 3 $450-$450$450 & -$450$0.00 | Blank 65 Question 3 $450-$450$450 & -$450$0.00 | Blank 66 Question 3 $450-$450$450 & -$450$0.00 | | Blank 67 Question 3 $450-$450$450 & -$450$0.00 | Blank 68 Question 3 $450-$450$450 & -$450$0.00 | | Blank 69 Question 3 $450-$450$450 & -$450$0.00 | Blank 70 Question 3 $450-$450$450 & -$450$0.00 | | Blank 71 Question 3 $450-$450$450 & -$450$0.00 | | Blank 72 Question 3 $450-$450$450 & -$450$0.00 19/1 | Blank 73 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 74 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 75 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 76 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 77 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 78 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 79 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 80 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 81 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 82 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 83 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 84 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 19/1 | Blank 85 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 86 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 87 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 88 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 89 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 90 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 91 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 92 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 93 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 94 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 95 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 96 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 20/1 | Blank 97 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 98 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 99 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 100 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 101 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 102 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 103 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 104 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 105 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 106 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 107 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 108 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 28/1 | Blank 109 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 110 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 111 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 112 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 113 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 114 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 115 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 116 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 117 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 118 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 119 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 120 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 29/1 | Blank 121 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 122 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 123 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 124 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 125 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 126 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 127 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 128 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 129 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 130 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 131 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 132 Question 3 $200-$200$1,000-$1,000$0.00800-800 [/table]

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