Part I Short Response Directions Please Respond To Each Of T

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Part I Short Responsedirectionsplease Respond To Each Of The Followi Part I Short Responsedirectionsplease Respond To Each Of The Followi PART I: SHORT RESPONSE Directions: Please respond to each of the following questions. Write at least 3 to 5 sentences for each question. 1. List and explain the four items under the umbrella of owner's equity, including whether it increases or decreases overall equity. 2. What is the fundamental accounting equation, including examples of each item of the equation? 3. Explain the separate entity concept, including why it is important to accounting. PART II: APPLICATION Directions: Please answer each of the following questions. Show your work as necessary. 1. T. Richtor established her own business, called Richtor's Self-Storage. Use the account headings presented below in the expanded accounting equation to record the monthly transactions. Assets = Cash + Accounts Receivable + Supplies + Prepaid Insurance + Office Equipment Liabilities + Owner's Equity Accounts Payable T. Richtor, Capital ï€ T. Richtor, Drawing + Revenue ï€ Expenses a. Deposited $12,000 in a bank account in the name of the business. b. Bought office equipment on account from Molly Company, $3,100. c. Paid rent for the month, $2,400. d. Bought supplies for cash, $450. e. Paid wages, $980. f. Received cash for storage services, $3,600. g. Received and paid the utility bill, $252. h. Paid Lar's Graphics for advertising, $428. (The bill was not previously recorded.) i. Billed customers for storage services on account, $3,370. j. Received cash for storage services, $2,300. k. Paid wages, $990. l. Paid Molly Company $1,100 as partial payment on the office equipment bought in transaction b. m. Billed customers for storage services on account, $3,370. n. Richter withdrew $1,200 for personal use. Instructions: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure that the equation remains in balance.

Dr. Jack HW Helper · Accepted Answer

Part I Short Responsedirectionsplease Respond To Each Of The Followi Part I Short Responsedirectionsplease Respond To Each Of The Followi PART I: SHORT RESPONSE Directions: Please respond to each of the following questions. Write at least 3 to 5 sentences for each question. 1. List and explain the four items under the umbrella of owner's equity, including whether it increases or decreases overall equity. 2. What is the fundamental accounting equation, including examples of each item of the equation? 3. Explain the separate entity concept, including why it is important to accounting. PART II: APPLICATION Directions: Please answer each of the following questions. Show your work as necessary. 1. T. Richtor established her own business, called Richtor's Self-Storage. Use the account headings presented below in the expanded accounting equation to record the monthly transactions. Assets = Cash + Accounts Receivable + Supplies + Prepaid Insurance + Office Equipment Liabilities + Owner's Equity Accounts Payable T. Richtor, Capital ï€ T. Richtor, Drawing + Revenue ï€ Expenses a. Deposited $12,000 in a bank account in the name of the business. b. Bought office equipment on account from Molly Company, $3,100. c. Paid rent for the month, $2,400. d. Bought supplies for cash, $450. e. Paid wages, $980. f. Received cash for storage services, $3,600. g. Received and paid the utility bill, $252. h. Paid Lar's Graphics for advertising, $428. (The bill was not previously recorded.) i. Billed customers for storage services on account, $3,370. j. Received cash for storage services, $2,300. k. Paid wages, $990. l. Paid Molly Company $1,100 as partial payment on the office equipment bought in transaction b. m. Billed customers for storage services on account, $3,370. n. Richter withdrew $1,200 for personal use. Instructions: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure that the equation remains in balance.

Part I Short Responsedirectionsplease Respond To Each Of The Followi

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