Assets = Liabilities + Stockholder's Equity Cash + Land Notes Payable Common Stocks Retained Earnings Affected...
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Assets |
= |
Liabilities |
+ |
Stockholder's Equity |
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Cash |
+ |
Land |
Notes Payable |
Common Stocks |
Retained Earnings |
Affected Account |
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Balances |
$ 16,000 |
+ |
$ 40,000 |
= |
$ 10,000 |
+ |
$ 32,000 |
+ |
$ 14,000 |
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1 |
$ |
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$ |
+ |
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2 |
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+ |
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3 |
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$ |
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4 |
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5 |
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6 |
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Totals |
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$ |
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$ |
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$ |
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Company transactions during the accounting period:
1. Cash received for profesional services performed to customers. $80,000
2. Rent expense was paid in cash. $10,000
3. A portion of land was purchased in cash. $9,000
4. Paid a partial payment of note payable due. $5,000
5. Paid in cash a group of operational expenses. $52,000
6. Dividends due were paid in cash. $6,000
Actions to take:
1. Enter the amount that affects each account.
Indicate if the amount is positive (increase) or negative (decrease)
If the Retained Earnings is affected, write the account name.
Homework Answers
|
|
= |
Liabilities |
+ |
Stockholder's Equity |
||||||
|
Cash |
+ |
Land |
Notes Payable |
Common Stocks |
Retained Earnings |
Affected Account |
||||
|
Balances |
$ 16,000 |
+ |
$ 40,000 |
= |
$ 10,000 |
+ |
$ 32,000 |
+ |
$ 14,000 |
|
|
1 |
$80000 |
+ |
= |
+ |
$ |
+ |
80000 | Service revenue | ||
|
2 |
-10000 |
+ |
= |
+ |
+ |
-10000 | Rent expense | |||
|
3 |
-9000 |
+ |
9000 |
= |
$ |
+ |
+ |
|||
|
4 |
-5000 |
+ |
= |
-5000 |
+ |
+ |
||||
|
5 |
-52000 |
+ |
= |
+ |
+ |
-52000 | Operating expense | |||
|
6 |
-6000 |
+ |
= |
+ |
+ |
-6000 | Dividend paid | |||
|
Totals |
14000 |
+ |
49000 |
= |
$5000 |
+ |
$32000 |
+ |
$26000 |
|
Add Answer to:
Assets
=
Liabilities
+
Stockholder's Equity
Cash
+
Land
Notes Payable
Common Stocks
Retained Earnings
Affected...
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