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Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates...

Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one administrative assistant. The following activities occurred during March 2020, her first month of business:

  1. Moon invested $2,500 worth of equipment into her business along with $3,000 cash.
  2. Submitted a series of articles to The Globe and Mail and received $6,500 cash.
  3. Purchased supplies on credit; $600.
  4. Paid the part-time administrative assistant’s salary of $1,450.
  5. Moon ordered $3,000 of office equipment from the IKEA catalogue. It is scheduled to arrive in April or May.
  6. Paid the rent for the first month; $1,400.
  7. Submitted an article to Report on Business; will receive $4,500 next month.

Show the effects of the activities listed in (a) through (g). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, rent expense, and salaries expense). (Enter all amounts as positive values. If the transaction/event does not affect equity or do not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.)

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ekkarill92 answered 2 years ago
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