Liabilities - Equity - Transactional Analyses
9 important questions on Liabilities - Equity - Transactional Analyses
How will a software company providing services on credit worth $10,000 be recorded?
“Adam invests $40,000 cash to start a corporation named Farhat lectures.”
“The company purchased office supplies, paying $2,200 from Office supplies”
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"Farhad lectures purchased equipment for $26,000 cash from IBM"
“Farhad Lectures purchased additional supplies of $5,100 on credit from Office Depot”
“Farhat Lectures provided consultation services to a customer and received $4500 cash right away.”
"Farhat Lectures paid rent of $1,200 and salaries of $500 to employees."
Rent Expenses (Expenses went up, Equity Went down.)
Salaries expenses (Expenses went up, Equity Went Down)
“Farhat Lectures provided consulting services of $1,800 and rented facilities for $200 to a customer on credit.”
Consulting Revenues (Equity) goes up
Rent Revenues (Equity) goes up
“Farhat Lectures provided consulting services of $1,800 and rented facilities for $200 to a customer on credit.”
Time went by ....
Then the customer paid the $2,000 for consulting services to Farhad Lectures.
Accounts Receivable (Asset) went down
The question on the page originate from the summary of the following study material:
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- 100% sure, 100% understanding
