the role of an accountant

Assuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. You show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation.

Please record the following transactions using transaction analysis.

1-MayOwner, Suzie Maye, invested $7,000 in her business, Matrix Consulting.
2-MayCompany paid monthly rent, $900.
3-MayCompany bought supplies on account, $600.
5-MayCompany paid monthly advertising, $125.
9-MayCompany performed services, $4,000.
12-MayOwner, Suzie Maye, withdrew $1,000 for personal use.
15-MayCompany performed services on account for $5,400.
17-MayCompany paid monthly salaries, $2,500.
20-MayCompany made a payment on account, $600.
23-MayCompany received $4,000 from a customer on account.
26-MayCompany borrowed $5,000 from local bank.
29-MayCompany bought equipment on account for $4,200.
30-MayCompany paid monthly utilities, $275.

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