Transcribed Image Text: Aug. 1 Opens an office as a financial advisor, investing $9,000 in cash. 4 Pays insurance in advance for 6 months, $2,100 cash. 16 Receives $3,600 from

Transcribed Image Text: Aug. 1
Opens an office as a financial advisor, investing $9,000 in cash.
4
Pays insurance in advance for 6 months, $2,100 cash.
16
Receives $3,600 from clients for services performed.
27
Pays secretary $1,000 salary.
Effect on Accounting Equation
Aug.
The asset
is
the owner’s equity account
is
Aug.
The asset
is
4
the asset
is
Aug.
The asset
is
16
the revenue
is
Aug.
is
The expense
27
the asset
is
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>
>
> Transcribed Image Text: Debit-Credit Analysis
Debits
Debit
$
Credits
Credit
$
Debits
Debit
Credits
Credit
$
Debits
Debit
%24
Credits
Credit
$
Debits
Debit
$
Credits
Credit
24
%24
%24
%24
%24
%24
%24
%24
%24
>
>
>

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