Describe each transaction that occurred for the, Accounting Basics

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Describe each transaction that occurred for the

An analysis of the transactions made by Liam Agler & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and wages, and $500 for utilities.

Cash + Acct. Receivable +Supplies +Equipment =Acct. Payable +Owners Capital -Owners Drawings +Revenues -Expense
+15000 +15000
-2000 +5000 +3000
-750 +750
+4600 +3900
-1500 +8500
-2000 -2000 -650
-650
+450 -450
-4800 -4800
-500

(a) Describe each transaction that occurred for the month.
(b) Determine how much owner's equity increased for the month.

• (c) Compute the amount of net income for the month.

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Accounting Basics: Describe each transaction that occurred for the

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