an analysis of the transactions made by s moses amp co a certified public accounting 571755

Aug 29, 2021 | Uncategorized

An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below.The expenses were $650 for rent, $4,900 for salaries, and $500 for utilities.

Cash+

Accounts
Receivable+

Supplies+

Office
Equipment=

Accounts
Payable +

S. Moses,
Capital

S. Moses,
Drawings+

Revenues

Expenses

1

+$15,000

+$15000

2

2,000

+$5000

+$3000

3

750

+$750

4

+4,600

+$3,700

$8300

5

1,500

1500

6

2,000

$2000

7

650

$650

8

+450

450

9

4,900

4900

10

+500

500

Instructions

(a) Describe each transaction that occurred for the month.

(b) Determine how much owner’s equity increased for the month.

(c) Compute the amount of net income for the month.