Question

Record transactions and calculate financial statement amounts The following are the transactions relating to the formation of


Answer sheet: Assets = Liabilities + Stockholders equity Paid-In Retained + Capital + Earnings + Revenues - Expenses Account
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Ans.

Accounting Equation- Asset = Liabilities + Stockholder's Equity
Cash A/c Rec Supplies Equip = Notes Pay A/c Pay Capital Ret Earn. Revenues - Expenses
a 12,000 12,000
b 18,000 18,000
c -17,800 17,800
d -1,800 1,800
e 3,400 -3,400
f 9,300 4,800 14,100
g -8,400 -8,400
h -2,200 2,200
i 7,500 10,900 18,400
j 10,200 -10,200
k -3,400 -3,400
l 3,000 -3,000
Total 19,600 12,700 600 17,800 = 18,000 13,600 12,000 0 32,500 -25,400

Total Assets = $50,700

Total Liabilities = $31,600

Stockholder's Equity = $12,000

Retained Earnings = $0

Net Income = $7,100

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