Home » March 1 : As a sole shareholder, McCall invested $125,000 cash along with $45,000 of office equipment in the company. March 2: Horizon Consultants…

March 1 : As a sole shareholder, McCall invested $125,000 cash along with $45,000 of office equipment in the company. March 2: Horizon Consultants…

March 1: As a sole shareholder, McCall invested $125,000 cash along with $45,000 of office equipment in the company.

March 2:  Horizon Consultants Inc. completed services for a client and immediately received $4,000 cash.

March 3: Horizon made credit purchases for office equipment for $1,500 and office supplies for $2,100. Payment is due within 10 days.

March 6: Horizon Consultants Inc. pre-paid $6,000 cash for six months’ rent for their office.

March 10: Horizon completed a $4,250 project for a client who must pay within 45 days.

March 12: Horizon paid $3,600 cash to settle the account payable created on March 3.

March 19: Horizon paid a $6,000 cash premium on a 12-month insurance policy.

March 22: Horizon received $3,250 cash as a partial payment for the work completed on March 10.

March 25: Horizon completed work for another client for $4,250 on credit.

March 29: McCall paid herself a dividend of $3,000 cash.

March 30: Horizon purchased $750 of additional office supplies on credit.

March 31: Horizon paid $350 cash for this month’s utility bill.

Instructions:

List the effect that each transaction has on the accounting equation.

Chart of accounts: cash, office equipment, capital stock, prepaid rent, prepaid insurance, office supplies, accounts payable, consulting revenue, accounts receivable, dividend, utility expense.

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