APPLICATION. Problem Solving. A. Exercise 1. Describe each transaction. DATE ASSETS LIABILITIES EQUITY Cash Supplies Equipment Balance 60,000.00 7,500.00 300,000.00 75,000.00 292,500.00 150,000.00 150,000.00 (20,000.00| 3 (112,500.00) 2 20,000.00 (112,500.00) 4 5,000.00 5,000.00 5 (15,000.00)| (53,000.00) (15,000.00) 6 (53,000.00) (8,000.00| {8,000.00) Balance 9,500.00 4,500.00 27,000.00 320,000.00 334,000.00 307,000.00 334,000.00

APPLICATION. Problem Solving. A. Exercise 1. Describe each transaction. DATE ASSETS LIABILITIES EQUITY Cash Supplies Equipment Balance 60,000.00 7,500.00 300,000.00 75,000.00 292,500.00 150,000.00 150,000.00 (20,000.00| 3 (112,500.00) 2 20,000.00 (112,500.00) 4 5,000.00 5,000.00 5 (15,000.00)| (53,000.00) (15,000.00) 6 (53,000.00) (8,000.00| {8,000.00) Balance 9,500.00 4,500.00 27,000.00 320,000.00 334,000.00 307,000.00 334,000.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11PB: Use the information from PB10 to complete this problem. Record entries for each transaction listed.

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