Answer to Question #310727 in Management for Ethan molla

Question

1. The following assets were invested in the enterprise; cash, 3500, accounts Receivable 950 supplies 1200; and photographic equipment 15000.  There were no liabilities transferred to the business.

v March 1. Paid 2400 on for 3 moths office rent

v March 4. Purchased photographic equipment on account for 2500

v March 5. Received 850 from credit customers

v March 6. Paid 125 for advertisement( Miscell.exp)

v March 10. Paid 500 to settle March 4 debt

v March 13. Paid 575 for two weeks’ salary

v March 16. Received 1,980 from sale of service

v March 20. Paid 650 for supplies purchase

v March 27. Paid 575 for two weeks’ salary

v March 31. Paid 69 for telephone bill for the month

v March 31. Paid 175 for electric bill for the month

v March 31. Received 1870 from sales of service

v March 31. Make sales on account for 1,675.

v March 31. Hill withdrew 1500 for her personal use

v March 31. Recorded depreciation on photographic equipment @ 1%

, answer the questions below.

v Pass Adjusting entry

v Prepare financial statements

Answer 1

The answer to your question is provided in the image: