Homework Answers
Answer:
Option: $32,650
Owner’s Equity = Assets - Liabilities
Owner’s Equity = Cash + Supplies + Equipment - Accounts Payable
Owner’s Equity = $30,600 + $650 + $10,400 - $9,000
Owner’s Equity = $32,650
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apers 1& 2 Open Do not open until you are ready On August 31 of the...
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Journalize the adjusting entries on August 31 for the 3-month
period June 1–August 31. (Round answers to the nearest
whole dollar, e.g. 5,275. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
Blossom Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit BLOSSOM RESORT...
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On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
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