Homework Answers
| Assets | Liabilities | Shareholders equity | |||||||||||||||||||
| = | + | ||||||||||||||||||||
| Item | Cash | + | Accounts receivable | + | Supplies | = | Account payable | + | Common stock | - | Dividends | + | Fee earned | - | Rent expense | - | Salary expense | - | Auto expense | - | Misc. expense |
| a | $ 50,000.00 | + | + | = | + | $ 50,000.00 | - | + | - | - | - | - | |||||||||
| b | + | + | $ 4,000.00 | = | $ 4,000.00 | + | - | + | - | - | - | - | |||||||||
| Bal. | $ 50,000.00 | + | + | $ 4,000.00 | = | $ 4,000.00 | + | $ 50,000.00 | - | + | - | - | - | - | |||||||
| c | $ -2,300.00 | + | + | = | $ -2,300.00 | + | - | + | - | - | - | - | |||||||||
| Bal. | $ 47,700.00 | + | + | $ 4,000.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | - | - | - | - | |||||||
| d | $ 13,800.00 | + | + | = | + | - | + | $ 13,800.00 | - | - | - | - | |||||||||
| Bal. | $ 61,500.00 | + | + | $ 4,000.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | $ 13,800.00 | - | - | - | - | ||||||
| e | $ -5,000.00 | + | + | = | + | - | + | - | $ 5,000.00 | - | - | - | |||||||||
| Bal. | $ 56,500.00 | + | + | $ 4,000.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | $ 13,800.00 | - | $ 5,000.00 | - | - | - | |||||
| f | $ -1,450.00 | + | + | = | + | - | + | - | - | - | $ 1,150.00 | - | $ 300.00 | ||||||||
| Bal. | $ 55,050.00 | + | + | $ 4,000.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | $ 13,800.00 | - | $ 5,000.00 | - | - | $ 1,150.00 | - | $ 300.00 | |||
| g | $ -2,500.00 | + | + | = | + | - | + | - | - | $ 2,500.00 | - | - | |||||||||
| Bal. | $ 52,550.00 | + | + | $ 4,000.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | $ 13,800.00 | - | $ 5,000.00 | - | $ 2,500.00 | - | $ 1,150.00 | - | $ 300.00 | ||
| h | + | + | $ -1,300.00 | = | + | - | + | - | - | - | - | $ 1,300.00 | |||||||||
| Bal. | $ 52,550.00 | + | + | $ 2,700.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | $ 13,800.00 | - | $ 5,000.00 | - | $ 2,500.00 | - | $ 1,150.00 | - | $ 1,600.00 | ||
| i | + | $ 12,500.00 | + | = | + | - | + | $ 12,500.00 | - | - | - | - | |||||||||
| Bal. | $ 52,550.00 | + | $ 12,500.00 | + | $ 2,700.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | + | $ 26,300.00 | - | $ 5,000.00 | - | $ 2,500.00 | - | $ 1,150.00 | - | $ 1,600.00 | |
| j | $ -3,900.00 | + | + | = | + | - | $ 3,900.00 | + | - | - | - | - | |||||||||
| Bal. | $ 48,650.00 | + | $ 12,500.00 | + | $ 2,700.00 | = | $ 1,700.00 | + | $ 50,000.00 | - | $ 3,900.00 | + | $ 26,300.00 | - | $ 5,000.00 | - | $ 2,500.00 | - | $ 1,150.00 | - | $ 1,600.00 |
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Amy Austin established an insurance agency on March 1 of the current year and completed the...
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OBJ.4 Problems: Series B ✓ Cash balat end of March: $48,650 ME HOW 1-18 Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $4,000. c. Paid creditors on account, $2,300. d. Received cash from fees earned on insurance commissions, $13,800. e. Paid rent on office and equipment for the...
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