Transaction Analysis – Account, assignment help

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Transaction Analysis – Accounting

Help me answer this problem. I have been trying to for a few hours and no success, I continiously get unequal answers and I dont know what the problem may be.

NicoMitchell started a new business, Nico’s Solutions, and completed the followingtransactions during its first year of operations.

a.  N.Mitchell invests $90,000 cash and office equipment valued at $20,000 in thecompany in exchange for its common stock.

b.  Thecompany purchased a $150,000 building to use as an office. It paid $40,000 incash and signed a note payable promising to pay the $110,000 balance over thenext ten years.

c.  Thecompany purchased office equipment for $25,000 cash.

d.  The company purchased $1,200 of officesupplies and $1,700 of office equipment on credit.

e.  Thecompany paid a local newspaper $750 cash for printing an announcement of theoffice’s opening.

f. The company completed a financial plan fora client and billed that client $2,800 for the service.

g.  Thecompany designed a financial plan for another client and immediately collecteda $4,000 cash fee.

h. The company paid $11,500 cash in dividendsto the owner (sole shareholder).

i.  Thecompany received $1,800 cash from the client described in transaction f.

j.  Thecompany made a payment of $700 cash on the equipment purchased in transactiond.

k.  Thecompany paid $2,500 cash for the office secretary’s wages.


1. Create a table like the one we did in class, using the following headingsfor the columns: Cash; Accounts Receivable; Office Supplies; Office Equipment;Building; Accounts Payable; Notes Payable; Common Stock; Dividends; Revenues;and Expenses.

2.  Useadditions and subtractions within the table created in part 1 to show thedollar effects of each transaction on individual items of the accountingequation. Show new balances after each transaction.

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