Question

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses $59, 800 15, 400 34, 600 22, 300 10, ΘΘΘ 90, 300 55, ΘΘΘ 23,200 TRANSACTIONS 1. Performed services for $6,700 on credit. 2. Paid $1,720 in cash for new office chairs. 3. Received $11,400 in cash from credit clients 4. Paid $900 in cash for telephone service 5. Sent a check for $4,900 in partial payment of the amount due creditors. 6. Paid salaries of $8,500 in cash 7. Sent a check for $1,140 to pay electric bill 8. Performed services for $10,700 in cash 9. Paid $2,370 in cash for auto repairs 10. Performed services for $12,700 on account.

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Solution Liabilities 1) Assets: Equity Accounts Cash! + Account Receivablel + |Office Furniture! + Autol 리 Payable Capital-Revenue-Expense 346002230010000 90300$55,000$23,200 Date Beg. Bal. 1) New Balance 59,800$ 2) New Balance 58,080$ 3) New Balance 69,480 |$ เป็- 59800+ 15400 + 6,700+ +6,700 22,100 | + | $ 34,600-$22.300-| $ 10,000-$90,300 $61,700-l s23200 $ -1,720 1,720+ 22,100 11,400 36,320+$22,30010,000 ,300 $61,700- $23,200 11400S-11.400 10,700 | + | $ 36,320| + | $22,300 $ 10,000 $90 300s61 70023,200 $ 900 10,700 36,320$22,30010,000$90,300 $61,700$24,100 - ーー 900+ New Balance 68,580$ 5) New Balance 63,680$ 6) New Balance 55,180$ 7) New Balance 54,040$ 8) New Balance 64,740S 9) New Balance 62,370$ $ -4,900+ $ -8,500 $ -1,14 $ 10,700+ S-2,370+ 4,900+ 10,700 36,320$22,3005,100$90,300$61,700$24,100 -8,500 10,700 36,320 $22,300 5,100+590,300 +$61,700 S32,600 - 1,140 5,100-$90,300-$61,700-$33,740 10,700-$ 36,320 | + | $22,300 | =| $ +$10,700 10,700-$ 36,320-$22,300 | =| $ 5,100-$90,300-$72,400-$33,740 - 2,370 10,700$36,320$22,300 5,100$90,300$72,400$36,110 12,700 + 23,40036,320$22,300 +$12,700 New Balance 62,370$ 5,100$90,300$85,100$36,110 2) Total Assets $144,390 (62370+23400+36320+22300)