September 7th, 2010 
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tax preparation liability
Accounting question: Lina’s Tax Services, a tax preparation business had the following transactions during?.
Lina’s Tax Services, a tax preparation business had the following transactions during the month of June:
Example: Received cash from the owner Lina, $25,000.
1. Received cash for providing accounting services, $3,000.
2. Billed customers on account for providing services, $7,000.
3. Purchased $500 of supplies on account.
4. Received cash from customers on account, $3,800.
5. Owner made a withdrawal, $1,500.
Required:
1) In the table below, state the accounts affected by each transaction.
2) Indicate the effect on the accounting equation (use + for an addition or – for a reduction to the account) of each transaction.
Assets = Liabilities + Owner’s Equity
1.
2.
3.
4.
5.
Please help me fill in chart thanks....
Assets = Liabilities + Owner’s Equity
1. +Assets, + Owner's Equity
2. +Assets, + Owner's Equity
3. +Assets, + Liabilities
4. +Assets, - Assets
5. - Assets, - Owner's Equity
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