Question

2. The balance sheet of Triangle Real Estate of Brandon, Manitoba, at the close The owner, own use. of business on September 30, 20-, is as follows: $ 1 750 875 $ 2625 Assets Cash A/R - J. Singh A/R - N Swartz Supplies Office Furniture TRIANGLE REAL ESTATE BALANCE SHEET SEPTEMBER 30, 20- Liabilities $ 1216 A/P - Acme Supply 1 500 AP-Office Discounts 800 Total Liabilities 4 175 11 969 Owner's Equity J. Morse, Capital $19 660 17 035 Total Liabilities and Equity $19 660 Total Assets A. Record the balance sheet figures for Triangle Real Estate on the equation analysis sheet provided in your Workbook. B. Analyze the transactions of October 1, listed below, and record the necessary changes on the equation analysis sheet. After each transaction, ensure that the equation is still in balance. C. After completing Transaction 8, prepare an updated balance sheet. TRANSACTIONS October 1 1. Triangle Real Estate receives $500 cash from N. Swartz in partial pay- ment of the amount owed by him. 2. Acme Supply is paid $300 cash in partial payment of the debt owed to them. 3. Supplies costing $495 are purchased from Office Discounts on credit. Payment is due in 30 days. 4. Triangle Real Estate sells a home for A.J. Buhler. For this service, Triangle Real Estate receives a commission of $4700 cash. 5. A new desk is purchased from Ideal Furniture for $950 cash. 6. Paid $380 to Cell Tell Phone Company for the monthly mobile phone charges. . Paid the monthly utility bill from Manitoba Hydro for $290 cash. 3. J. Singh paid the full amount he owed to Triangle Real Estate.

Answer 1