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This document contains an accounting principles chapter that discusses transactions for a new consulting business called Matrix Consulting during its first month of operations in May 2017. It details 11 financial transactions including investing cash into the business, paying operating expenses like rent and advertising, purchasing supplies and equipment, receiving payment for services, borrowing money from the bank, and paying salaries and utilities. The chapter provides an accounting equation to track the business's assets, liabilities, and owner's equity based on these financial activities during the start-up month.

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231 views1 page

123

This document contains an accounting principles chapter that discusses transactions for a new consulting business called Matrix Consulting during its first month of operations in May 2017. It details 11 financial transactions including investing cash into the business, paying operating expenses like rent and advertising, purchasing supplies and equipment, receiving payment for services, borrowing money from the bank, and paying salaries and utilities. The chapter provides an accounting equation to track the business's assets, liabilities, and owner's equity based on these financial activities during the start-up month.

Uploaded by

johnny
Copyright
© © All Rights Reserved
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Accounting Principles

Class: BBC 5.4


Name: PHAM KHANH HUY

Chapter1

P1-4A Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2017. The
following transaction occurred during the month of May:
1 Trixie invested $7,000 cash in the business
2 Paid $900 for office rent for the month
3 Purchased $600 of supplies on account
4 Paid $125 to advertise in the country news
5 Received $4,000 cash for services on account
6 Paid $2,500 for employee salaries
7 Paid for the supplies purchased on account on may 3
8 Received a cash payment of $4,000 for services performed on account on may 15
9 Borrowed $5,000 from the bank on a note payable
10 Purchased equipment for $4,200 on account
11 Paid $275 for utilities
Answers:
(a)
Asset Liabilities Owner’s Equity
Account Notes Account Owner’s Owner’s
Cash+ Receivable + Supplies+ Equipment = Payable + Payable + Capital + Drawings +Rev- Exp

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