basic accounting practices

basic accounting practices

Assuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. You show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation. Please record the following transactions using transaction analysis. Please use this template to complete this assignment. 1-May Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting. 2-May Company paid monthly rent, $900. 3-May Company bought supplies on account, $600. 5-May Company paid monthly advertising, $125. 9-May Company performed services, $4,000. 12-May Owner, Suzie Maye, withdrew $1,000 for personal use. 15-May Company performed services on account for $5,400. 17-May Company paid monthly salaries, $2,500. 20-May Company made a payment on account, $600. 23-May Company received $4,000 from a customer on account. 26-May Company borrowed $5,000 from local bank. 29-May Company bought equipment on account for $4,200. 30-May Company paid monthly utilities, $275.

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