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Question 1 : Company Purchased inventory $5,000 on account. It will pay within 30 days. (Please...

Question 1 :
Company Purchased inventory $5,000 on account. It will pay within 30 days.
(Please see ppt slice 30 as reference)
ASSET
=
Liability
+
Equity
Question 2:
Company provided services to client and collected $2,500 in Cash
(Please see ppt slice 31 as reference)
ASSET
=
Liability
+
Equity
Question 3:
Company paid $4,500 in cash expenses: $1,000 utility expenses; $1,800 rent expenses ; $1,700 salaries expenses.
(please see ppt slice 33 as reference)
ASSET
=
Liability
+
Equity
Question 4:
Owner withdraw $800 from business.
(Please see ppt slice 35 as reference)
ASSET
=
Liability
+
Equity
Question 5:
company received $25,000 from owner.
(Please see ppt slice 28 as reference)
ASSET
=
Liability
+
Equity

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Homework Answers

Answer #1

Accounting equation

Assets = Liabilities + Stockholder;s equity
a 5000 5000
b 2500 2500
c -4500 -4500
d -800 -800
e 25000 25000
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