Julio Du started a new business, Quick Media Services, and completed the following transactions during December:
View the transactions.
Analyze the effects of the transactions on the accounting equation of Quick Media Services. Use the following accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Common Stock, Dividends, Service Revenue, Rent Expense, Utilities Expense, Wages Expense, and Advertising Expense.
Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary input fields for the transaction lines. [Do not enter any zeros for the transaction lines.] Enter a decrease in an account with a minus sign or parentheses. Carry down all balances to each Balance line, including zero balance accounts, entering a 0 for any zero balances.)
Assets = Liabilities + Equity
Contributed Capital Retained Earnings
Cash + Accounts Receivable + Supplies = Accounts Payable + Common Stock - Dividends + Service Revenue - Rent Expense - Utilities Expense - Salaries Expense - Advertising Expense
December 1
