Question

Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,200 Apple sales: credit 6,500 Collections of credit sales 4,400 15,000 30,000 Cash purchase of equipment Owner investments Wages expenses paid Fuel expenses paid 6,400 300 Amount owed for utility expense 1,100 Current Totals Check My Work Next >

Answer 1

Transaction Amount owed for land purchase Apple Sales : Cash Apple Sales : Credit Collections of credit sales Cash Purchase of equipment Owner investments Wages Expenses paid Fuel Expenses paid Amount owed for utility expense Current Totals Amount $ 52,000.00 $ 3,200.00 $ 6,500.00 $ 4,400.00 $ 15,000.00 $ 30,000.00 $ 6,400.00 $ 300.00 $ 1,100.00 Owner's Asset - Liability = Equity $ 52,000.00 - $ 52,000.00 = $ $ 3,200.00 $ = $ 3,200.00 $ 6,500.00 $ = $ 6,500.00 $ $ = $ $ = $ $ 30,000.00 = $ 30,000.00 $ (6,400.00) = $ (6,400.00) $ (300.00) - = $ (300.00) $ 1,100.00 = $ (1,100.00) $ 85,000.00 $53,100.00 $ 31,900.00 =