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Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) DOLLAR EFFECT OF EACH OF THE SIX TRANSACTIONS Ending 2 3 4 5 6 Balance $15,000 $75,000 $(5,000) $(1,000) 1,000 $(9,500) $(4,000) 9,500 Long-term lease liabilities Common stock (15,000 shares) 1,500 Additional paid-in capital 13,500 Required: 135,000 75,000 130,000 市 (4,000) 1. Write a brief explanation of transactions (1) through (6). Explain any assumptions that you made. 2. Compute the ending balance in each account and prepare a classified balance sheet for Volz Cleaning, Inc., at the end of March.

Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) DOLLAR EFFECT OF EACH OF THE SIX TRANSACTIONS Ending 2 3 4 5 6 Balance $15,000 $75,000 $(5,000) $(1,000) 1,000 $(9,500) $(4,000) 9,500 Long-term lease liabilities Common stock (15,000 shares) 1,500 Additional paid-in capital 13,500 Required: 135,000 75,000 130,000 市 (4,000) 1. Write a brief explanation of transactions (1) through (6). Explain any assumptions that you made. 2. Compute the ending balance in each account and prepare a classified balance sheet for Volz Cleaning, Inc., at the end of March.

FINANCIAL ACCOUNTING
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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Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) DOLLAR EFFECT OF EACH OF THE SIX TRANSACTIONS Ending 2 3 4 5 6 Balance $15,000 $75,000 $(5,000) $(1,000) 1,000 $(9,500) $(4,000) 9,500 Long-term lease liabilities Common stock (15,000 shares) 1,500 Additional paid-in capital 13,500 Required: 135,000 75,000 130,000 市 (4,000) 1. Write a brief explanation of transactions (1) through (6). Explain any assumptions that you made. 2. Compute the ending balance in each account and prepare a classified balance sheet for Volz Cleaning, Inc., at the end of March.
Transcribed Image Text:Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) DOLLAR EFFECT OF EACH OF THE SIX TRANSACTIONS Ending 2 3 4 5 6 Balance $15,000 $75,000 $(5,000) $(1,000) 1,000 $(9,500) $(4,000) 9,500 Long-term lease liabilities Common stock (15,000 shares) 1,500 Additional paid-in capital 13,500 Required: 135,000 75,000 130,000 市 (4,000) 1. Write a brief explanation of transactions (1) through (6). Explain any assumptions that you made. 2. Compute the ending balance in each account and prepare a classified balance sheet for Volz Cleaning, Inc., at the end of March.
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