Question

3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000 $16,000 $55,000 (0) $34,000 $39,000 $ 17,000 ) 4. Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. - ALOE ka) Received cash from owner as an additional investment 6) Purchased supplies on account K) Paid rent for the current month Kd) Received cash for services sold to customers ke) Returned some defective supplies purchased in (b) KD Paid insurance premiums in advance kg) Paid cash to creditor for purchases in (b) kh) Charged customers for services sold on account 0 Paid cash to a customer as a refund for an overcharge 0 Received cash on account from customers k) Owner withdrew cash for personal use KD) Recorded the cost of supplies used during the year m) Received invoice for electricity used (n) Paid wages Ko) Purchased a truck for cash 5. Several transactions ,

Answer 1

Q3
Assets = liabilities + equity
Assets	liabilites	owners equity	working
29000	13000	16000	(13000+16000)
55000	21000	34000	(55000-34000)
39000	17000	22000	(39000-17000)
Q4
	A	L	OE
a	+		+	(increase in cash & equity)
b	+	+		(increase in supplies & creditors)
c	-		-	(increase in expenses so decrease in equity & cash)
d	+/-			(increase in cash & decrease in accounts receivable)
e	-	-		(decrease in supplies & creditors)
f	+/-			(decrease in cash & increase In prepaid insurance)
g	-	-		(decrease in cash & creditors)
h	+		+	(increase in sales so increase in equity & accounts rec.)
i	-		-	(decrease in cash & sales (so decrease in equity))
j	+/-			(increase in cash & decrease in accounts rec.)
k	-		-	(decrease in cash & increase in drawings so dec in euity)
l	-		-	(decrease in supplies &increase in cost of goods sold so dec in equity)
m		+	-	(increase in expenses and since expense is not paid so increase In liability)
n	-		-	(decrease in cash & since it is expense decrease in equity)
o	+/-			(increase in assets (truck) and decrease in cash)