Helen Ingersoll owns and operates an interior design studio called Ingersoll Interiors. The following amounts summarize the financial position of her business on August 31, 20X5: Assets =Liabilities + Owner's Equity Cash +Accounts Receivable + Supplies + Land =Accounts Payable + Helen Capital Bal. 2,250 1,500 12,000 8,000 7,750 During September 20X5, the following events occurred. a. Ingersoll inherited Rs.20,000 and deposited the cash in the business bank account. b. Performed services for a client and received cash of Rs.700. c. Paid off the beginning balance of accounts payable. d. Purchased supplies on account, Rs.1,000. e. Collected cash from a customer on account, Rs.1,000. f. Invested personal cash of Rs.1,000 in the business. g. Consulted on the interior design of a major office building and billed the client for services rendered, Rs.2,400. h. Recorded the following business expenses for the month: 1. Paid office rent, Rs.900. 2. Paid advertising, Rs.100. i. Sold supplies to another business for Rs.150 cash, which was the cost of the supplies. j. Withdrew cash of Rs.1,100 for personal use.
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