Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Homework Answers
Prepare the debit-credit analysis for each transaction.
| Effect on Accounting Equation | Effects on Amounts | ||||
| 1 | Debits | Increase Assets | Debit | Cash | $6,400 |
| Credits | Increase owner's equity | Credits | Owner's capital | $6,400 | |
| 2 | Debits | Increase Assets | Debit | Prepaid Insurance | $3,840 |
| Credits | Decrease Assets | Credits | Cash | $3,840 | |
| 3 | Debits | Decrease owner's equity | Debit | Rent Expense | $1,344 |
| Credits | Decrease Assets | Credits | Cash | $1,344 | |
| 4 | Debits | Increase Assets | Debit | Accounts receivable | $8,320 |
| Credits | Increase owner's equity | Credits | Consulting service revenue | $8,320 | |
| 5 | Debits | Decrease owner's equity | Debit | Bo oriole, Drawings | $1,200 |
| Credits | Decrease Assets | Credits | Cash | $1,200 | |
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Oriole Enterprises had the following selected transactions.
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