The following events occurred for Parker Company a

Performed consulting services #2261

The following events occurred for Parker Company a Performed consulting services

The following events occurred for Parker Company.

a. Performed consulting services for a client in exchange for $3,200 cash.

b. Performed consulting services for a client on account, $1,700.

c. Paid $30,000 cash for land.

d. Purchased office supplies on account, $900.

e. Paid a $2,500 cash dividend to stockholders.

f. Paid $550 on account for supplies purchased in Transaction d.

g. Paid $800 cash for the current month's rent.

h. Collected $1,500 from client in Transaction b.

i. Stockholders invested $20,000 cash in the business.

Required:

1. Analyze the effect of each transaction on the accounting equation. For example, if salaries of
$500 were paid, the answer would be ''Decrease in stockholders' equity (expense) $500 and
decrease in assets (cash) $500.''

2. For Event d, what accounting principle did you use to determine the amount to be recorded
for supplies?

The following events occurred for Parker Company a Performed consulting services

ANSWER
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