PLEASE ANSWER ASAP IF POSSIBLE!!! 7. You have been hired as the accountant for a newly...

PLEASE ANSWER ASAP IF POSSIBLE!!!

7. You have been hired as the accountant for a newly formed real estate company called Antsy Real Estate Limited. The following business transactions occurred during the month of September, 2022:

1. Shareholders invested $35,000 in cash for 35,000 common shares to start the corporation.

2. Signed a lease for office space, at $9,500 per year for five years.

3. Paid $250 cash for supplies.

4. Purchased equipment for $12,000, paying $7,000 in cash and signing a 30-day bank loan payable for the balance.

5. Purchased $200 of supplies on account.

6. Real estate commission fees billed to clients totalled $9,700.

7. Paid $700 cash for the current month's rent.

8. Paid $100 cash on account for supplies purchased in transaction 5.

9. Received a bill for $500 for advertising for the current month.

10. Paid $3,500 cash for office salaries.

11. Paid $1,000 cash dividends to shareholders.

12. Received a cheque for $5,000 from a client in payment on account for commissions billed in transaction 6.

Instructions

a. Prepare an accounting equation analysis for these transactions

b. Record the transactions for September 2022.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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