On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential...
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS The owner invested $87,000 in cash to begin the business. Paid $17,750 in cash for the purchase of equipment. Purchased additional equipment for $16,400 on credit. Paid $9,800 in cash to creditors. The owner made an additional investment of $20,000 in cash. Performed services for $6,200 in cash. Performed services for $8,300 on account. Paid $2,000 for rent expense. Received $1,500 in cash from credit clients. Paid $4,460 in cash for office supplies. The owner withdrew $7,000 in cash for personal expenses. Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions. Analyze: What is the ending balance of cash after all transactions have been recorded?
Homework Answers
Answer:
| Cash | Liabilities | Owners equity | |||||||||
| Transaction | Cash | + | Accounts receivable | + | Supplies | + | Equipment | = | Accounts payable | + | Owner's capital |
| 1 | 87000 | 87000 | |||||||||
| 2 | (17750) | 17750 | |||||||||
| 3 | 16400 | 16400 | |||||||||
| 4 | (9800) | (9800) | |||||||||
| 5 | 20000 | 20000 | |||||||||
| 6 | 6200 | 6200 | |||||||||
| 7 | 8300 | 8300 | |||||||||
| 8 | (2000) | (2000) | |||||||||
| 9 | 1500 | (1500) | |||||||||
| 10 | (4460) | 4460 | |||||||||
| 11 | (7000) | (7000) | |||||||||
| Totals | 73690 | 6800 | 4460 | 1350 | 6600 | 112500 |
Ending Cash Balance = $73,690
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On July 1, Tommy Wrigley established Wrigley Home Appraisal
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