Question

shown ber 31 are listed as Exhibit 2-11. . Record the effects of each of the Show the totals for all columns after each tradisi The items making up the balance sheet of Phillips Truck Rental at December 31 follows in tabular form similar to the s on of the accounting equation in Exhibir 2_1 LO2-3 PROBLEM 2.4A An Alternate Problem on Recording the Effects of Transactions Owners' Equity + Capital Story Liabilities Notes Accounts Payable + Payable $20,000 $10.200 Assets Office + Equipment $3,800 + Trucks = $65,000 Cash Accounts Receivable $13.900 + $68,000 Balances $9.500 During a short period after December 31, Phillips Truck Rental had the following transactions 1. Bought office equipment at a cost of $2,700. Paid cash. 2. Collected $4,000 of accounts receivable. 3. Paid $3,200 of accounts payable. 4. Borrowed $10,000 from a bank. Signed a note payable for that amount. 5. Purchased two trucks for $30,500. Paid $15,000 cash and signed a note payable for the balance. 6. Sold additional stock to investors for $85,000. LO2 PRC Pret and Flo Tra Instructions a. List the December 31 balances of assets, liabilities, and owners' equity in tabular form as shown. b. Record the effects of each of the six transactions in the preceding tabular arrangement. Show the totals for all columns after each transaction.
need problem 2.4a answered, instructions A and b answered thank you

Answer 1

+ Owners' Equity Liabilities Accounts = Notes Payable + payable 20,000 10,200 Cash + Truck + Capital Stock 65,000 Balances 68,000 1) 68,000 20,000 10,200 65,000 Balances 2) Balances 68,000 20,000 65,000 3) Assets Accounts Office + receivable + Equipment 9,500 13,900 3,800 (2,700) 2,700 6,800 13,900 6,500 4,000 (4,000) 10,800 9,900 6,500 (3,200) 7,600 9,900 6,500 10,000 17,600 9,900 6,500 (15,000) 2,600 6,500 85,000 87,600 9,900 6,500 10,200 (3,200) 7,000 68,000 65,000 Balances 4) Balances 20,000 10,000 30,000 15,500 45,500 7,000 65,000 68,000 30,500 98,500 5) Balances 9,900 7,000 - 65,000 85,000 6) Balances 98,500 45,500 7,000 150,000