Question

only record the numbers utlize the accouting equations. *transactions*

lv 1. 20Y5, and completed the folle P2-1 Transactions and financial statements Les Stanley established an insurance agency on July 1, 2045, and completed, nce Inc., with a deposit of transactions during July: a. Opened a business bank account in the name of Stanley Insurance Inc. with $60,000 in exchange for common stock. b. Borrowed $100,000 by issuing a note payable. c. Received cash from fees earned, $30,000. d. Paid rent on office and equipment for the month, $5,000. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. f. Paid office salaries, $6,500. g. Paid interest on the note payable, $500. h. Purchased land as a future building site, paying cash of $120,000. i. Paid dividends, $3,000.

Answer 1

	Assets			=	Liabilities	+	Owner's Equity
	Cash	+	Land	=	Note payable	+	Common Stock	+	Revenues	-	Expenses	-	Dividend
a	60,000	+		=		+	60,000	+		-		-
b	100,000	+		=	100,000	+		+		-		-
c	30,000	+		=		+		+	30,000	-		-
d	-5,000	+		=		+		+		-	5,000	-
e	-3,500	+		-		+		+		-	3,500	-
f	-6,500	+								-	6,500	-
g	-500	+								-	500	-
h	-120,000	+	120,000							-		-
i	-3000	+								-		-	3,000

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