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  Question 1    Required: Complete the accounting equation and journal entries for the transactions given below

Accounting

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Question 1   

Required:

• Complete the accounting equation and journal entries for the transactions given below.
• Complete the following ledger accounts: Cash, Capital, Accounts receivable, Accounts payable, Supplies, Fees earned. (You do not have to balance the accounts)

The following transactions appeared in the records of Canada Services (the business):

1. C Canada, the owner, invests $20 000 cash, and a building (cost $80 000, valuation $90 000) into the business.
2. Purchase office furniture for $7 000. $2 000 was paid in cash and the remainder on account.
3. C. Canada, the owner, paid his child’s school fees for $2 500 and his water and electricity bill of $500 in cash withdrawn from the business.
4. Canada performed electrical and plumbing services for $4 000 cash and billed the clients for $6 000 on account.
5. Canada Services ordered and received office supplies from ABC Company, on account, for $3 000.
6. $4 000 was received from clients for services provided by Canada Services.
7. The business paid insurance of $1 200 cash for the whole year.
8. The accountant issued a cash check of $1 000 to ABC Company due on account.
9. The accountant of Canada Services calculated that $2 000 worth of supplies were unused by the Business

fill all tables

 No Assets Name of Account Increase Decrease Liabilities Name of Account Increase Decrease Owner's Equity Name of Account Increase Decrease 1.
Journal entries: (12) No Account Dr Cr
Ledger Accounts: (10) Cash Capital Accounts Receivable Accounts Payable Supplies Fees Earned