Question

please answer all the questions!! also please choose the right sentence for each question. thank you

Nature of Transactions Kristoff Walker operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets Liabilities + Owner's Equity Kristoff Walker, Capital - Kristoff Walker, Drawing + Fees Earned - Expenses 141,200 +49,100 -36,500 Cash + Supplies + Land - Accounts Payable + Bal. 42,000 5,500 105,000 11,300 1. +49,100 2. -21,000 +21,000 3. -36,500 +2,100 +2,100 5. -2,800 6. -10,100 -10,100 7. -4,200 Bal. 20,700 3,400 126,000 3,300 a. (1) Select the description for transaction 1. -2,800 -4,200 141,200 -2,800 49,100 -40,700 a. (2) Select the description for transaction 2 a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4.

Answer 1

a. (1) Select the description for transaction 1. Provided catering services for cash b. What is the amount of the net decrease in cash during the month? (21,300) =$49,100 - $21,000 - $36,500 - $2,800 - $10,100 3 c. What is the amount of the net increase in owner's equity during the month? a. (2) Select the description for transaction 2. Purchase of land for cash 4 9,800 =$49,100 - $36,500 - $2,800 2$ a. (3) Select the description for transaction 3. Payment of cash for expenses d. What is the amount of the net income for the month? 12,600 =$49,100 - $36,500 8 10 a. (4) Select the description for transaction 4. Purchase of supplies on account le. How much of the net income for the month was retained in the business? 9,800 =$12,600 - $2,800 11 12 13 a. (5) Select the description for transaction 5. Withdrawl of cash by owner 14 15 16 a. (6) Select the description for transaction 6. Payment of cash to creditors 17 18 19 a. (7) Select the description for transaction 7. Recognition of cost of supplies used 20 21

If you have any doubts ask in comments section

Do rate the answer

Answer 2

b c d e wrong