A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $2,500 Accounts 5,200 Receivable

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A corporation commences operations on January 1, 2019. It has the following
account balances at December 31, 2019:
Accounts Payable
$2,500
Accounts
5,200
Receivable
Advertising
450
Expense
Cash
1,500
Common Stock
3,190
Interest Expense
400
Service Revenue
4,500
Supplies Expense
240
Unused Supplies
200
Wages Expense
2,200
Net assets total:
$6,900
$4,400
$1,690
$1,500
Transcribed Image Text:A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $2,500 Accounts 5,200 Receivable Advertising 450 Expense Cash 1,500 Common Stock 3,190 Interest Expense 400 Service Revenue 4,500 Supplies Expense 240 Unused Supplies 200 Wages Expense 2,200 Net assets total: $6,900 $4,400 $1,690 $1,500
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