1) Englard Realty had the following transactions during 2016. (a) On November 1, the owner invested $25,000 in the business. (b) On November 7, the owner withdrew $3,000. (c) On November 10, machine purchased for $5,000. (d) On November 13, services delivered to customers for cash of $4,000. (e) On November 15, services were delivered to a customer on account for $7,000 (customer will pay later). (1) On November 17, land of $8,000 purchased for $7,000 cash and a note was given for the balance. (g) On November 25, a telephone bill for S65 received and immediately paid. (h) On November 27, a utility bill for $85 received and recorded but not paid. (i) On November 28, the $7,000 due from transaction (e) received. 6) On November 30, the utility bill from transaction (h) was paid. 1

1) Englard Realty had the following transactions during 2016. (a) On November 1, the owner invested $25,000 in the business. (b) On November 7, the owner withdrew $3,000. (c) On November 10, machine purchased for $5,000. (d) On November 13, services delivered to customers for cash of $4,000. (e) On November 15, services were delivered to a customer on account for $7,000 (customer will pay later). (1) On November 17, land of $8,000 purchased for $7,000 cash and a note was given for the balance. (g) On November 25, a telephone bill for S65 received and immediately paid. (h) On November 27, a utility bill for $85 received and recorded but not paid. (i) On November 28, the $7,000 due from transaction (e) received. 6) On November 30, the utility bill from transaction (h) was paid. 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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