Young Interior provides decorating advice to its clients. Three recent transactions of the company include:
a. Providing decorating services of $500 on account to one of its clients
b. Paying $1,200 for an employee’s salary in the current period
c. Purchasing office equipment for $2,700 by paying cash
Write a memo to your instructor describing each step of the six-step measurement process presented in Illustration 2-1(Below) for each of the three transactions. Take time to review the segments of a memo, below. Your memo should contain a MEMO heading. There should be an opening and closing paragraph within the memo. The Final Trial Balance should include all of the account balances.
Submit a memo that is no more than 4 pages.
12-Point Times New Roman Font
Cite Used Sources If Applicable
Example of the Six Steps:
Transaction: AmeriClean provided landscaping services for OutBack SteakHouse, $500 cash.
Step 1-Use Source Documents: AmeriClean’s bookkeeper invoiced OutBack for services provided.
Step 2- Analyze Impact of transaction on Accounting Equation and Step 3- Assess whether the transaction results in a debit or credit to account balances: AmeriClean’s asset, Cash is increasing with a debit. The company’s Stockholder’s Equity account, Service Revenue is also increasing. The Revenue account increases with a credit.
Step 4- Record Journal Entry:
Service Revenue $500
Step 5- Post transaction to general ledger/ T-Account:
Step 6- Prepare a Trial Balance
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