Question

use cell references for answers

MINH PHUN FE HOME Sign in 37 Calibri B I INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 AA = F ) . B. . A Alignment Number Conditional Format as Cell Formatting Table Styles" Font Styles V Cells ints Editing Paste Clipboard Skipped The following transactions occurred for Lantana Company during its first month H eBook DEF 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. References 4 Received $50,000 cash from owners in exchange for common stock 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2.year note for the remainder. 6 c. Bought $900 of supplies on account 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (c). Cash 50.000 Supplies op c. 5.000 10.000 500 b. d. e 34.500 200 Land 20.000 Equipment 10.000 d. 20.000 bal 10.000 Accounts Payable Note Payable SOO 15.000 Sheet1 READY

Answer 1

Ansored Balance and the balance sheet a Lovel Balance Add Trial Balance consists of all the account balances of necessary accounts Summary of all the account balances at the year and have shown on the bial balance Balances may be have debit balance for credit balance Bala9ce Sheet Balance sheel is the fingncial mirror of the organisation. It shows the financial position of bythers Balance sheet is Hlever on the formula of: Balance sheet → Assebi : Liabilities tiquity I In the given question, we have give ledger t-accounts Also wehque gweg belogues of such items also from such Balances we will create trial balance and then Balance sheels Debit Bylggeus Gash supplies Land Equipment -2 lagkage_comp994 Trial Balance qj on December 31, 2016 Amt. $ credite Balances 34500 Accounts Payable goo | Notes Payable 20000 | Common stock Amt ($1_ 400 15000 50000 10000 65400 65400

Lanbang_company Balance sheet at_December 31, 2016 Assets Titu lant (st) leiabilitiei ole Eguby Ama şulame.co Liabilibier & fq414! معطرابلها Assets Glihend Assets ash 34500 1900 supplies Total Content Assets Curent Lighligaen Accounts Payable 400 Johol wiregd Ligb/115 35400 400 15000 I long term Assels Land: | 20000 | Equipment 1 10000 Total Long bim Ash Long beam Lig Lilla I Notes Payable Total long term Hobifilter 15000 30000 Total liabilities: I 5400 | stockholler's Equity Common stoorto 10000 Retained lavning to Total stockholders _tyyny soooo Total Assels 65400 Total Liabilities of Stochfelten's Eyel by the 65400