The percentage that each transaction contributed to the total transactions in the same account (Cash Account and Service Revenue) is computed as follows:
1. Service Revenue $900 = 8%
2. Owner's Equity, Barbara Hanson $2,200 = 19.8%
3. Accounts Receivable $750 = 6.8%
5. Note Payable $6,000 = 54.1%
6. Unearned Revenue $1,250 = 11.3%
Total cash receipts = $11,100
1. Cash $900 = 70.6%
4. Accounts Receivable $375 = 29.4%
Total $1,275
The percentage that each transaction contributed to the total transactions in the same account can be computed by taking the dollar value of the transaction over the total value of transactions in the same account and then multiplying by 100.
Percentage values show the degrees of relationship among variables.
The formula for computing percentage in this scenario is transaction value/total transactions value × 100%.
1. Cash $900 Service Revenue $900
2. Cash $2,200 Owner's Equity, Barbara Hanson $2,200
3. Cash $750 Accounts Receivable $750
4. Accounts Receivable $375 Service Revenue $375
5. Cash $6,000 Note Payable $6,000
6. Cash $1,250 Unearned Revenue $1,250
The following transactions occurred during July:
1. Received $900 cash for services provided to a customer during July.
2. Received $2,200 cash investment from Barbara Hanson, the owner of the business.
3. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June.
4. Provided services to a customer on credit, $375.
5. Borrowed $6,000 from the bank by signing a promissory note.
6. Received $1,250 cash from a customer for services to be rendered next year.
Use the transactions to compute the percentage of each transaction relative to the total transactions in the same account.
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