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ASSETS LIABILITIES Owner's equity M.Sajjad Capital $200,000 Cash + Land + Building Office Note Account Equipment= $51,250 Payable+ $80,000 Payable+ $28,250 Balances $37,000 (a) Early in January, the following transactions were carried out by nova communication: 1. M.sajjad, the owner, deposited $25,000 of personal funds into the business's bank account. 2. Purchased land and a small office building for a total price of $90, 000, of which $35,000 was the value of the land and $55,000 was the value of the building. Paid $22,500 in cash and signed a note payable for the remaining $67,500. 3. Bought several computer systems on credit for $8,500(30 day open account) 4. Obtained a loan from capital bank in the amount of $10,000.signed a note payable. 5. Paid the $28,250 account payable owed as of December 31. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular from shown $95,000 $125,000

ASSETS LIABILITIES Owner's equity M.Sajjad Capital $200,000 Cash + Land + Building Office Note Account Equipment= $51,250 Payable+ $80,000 Payable+ $28,250 Balances $37,000 (a) Early in January, the following transactions were carried out by nova communication: 1. M.sajjad, the owner, deposited $25,000 of personal funds into the business's bank account. 2. Purchased land and a small office building for a total price of $90, 000, of which $35,000 was the value of the land and $55,000 was the value of the building. Paid $22,500 in cash and signed a note payable for the remaining $67,500. 3. Bought several computer systems on credit for $8,500(30 day open account) 4. Obtained a loan from capital bank in the amount of $10,000.signed a note payable. 5. Paid the $28,250 account payable owed as of December 31. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular from shown $95,000 $125,000

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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Part B: Nova communications was organized on December 1 of the current year and had the following account balances at December 31, listed in tabular form: ASSETS LIABILITIES Owner's equity M.Sajjad Capital $200,000 Cash + Land + Building Office Note Account Equipment= Payable+ $51,250 Payable+ $28,250 Balances $37,000 $95,000 $125,000 (a) Early in January, the following transactions were carried out by nova communication: 1. M.sajjad, the owner, deposited $25,000 of personal funds into the business's bank account. 2. Purchased land and a small office building for a total price of $90, 000, of which $35,000 was the value of the land and $55,000 was the value of the building. Paid $22,500 in cash and signed a note payable for the remaining $67,500. 3. Bought several computer systems on credit for $8,500(30 day open account) 4. Obtained a loan from capital bank in the amount of $10,000.signed a note payable. 5. Paid the $28,250 account payable owed as of December 31. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular from shown $80,000
Transcribed Image Text:Part B: Nova communications was organized on December 1 of the current year and had the following account balances at December 31, listed in tabular form: ASSETS LIABILITIES Owner's equity M.Sajjad Capital $200,000 Cash + Land + Building Office Note Account Equipment= Payable+ $51,250 Payable+ $28,250 Balances $37,000 $95,000 $125,000 (a) Early in January, the following transactions were carried out by nova communication: 1. M.sajjad, the owner, deposited $25,000 of personal funds into the business's bank account. 2. Purchased land and a small office building for a total price of $90, 000, of which $35,000 was the value of the land and $55,000 was the value of the building. Paid $22,500 in cash and signed a note payable for the remaining $67,500. 3. Bought several computer systems on credit for $8,500(30 day open account) 4. Obtained a loan from capital bank in the amount of $10,000.signed a note payable. 5. Paid the $28,250 account payable owed as of December 31. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular from shown $80,000
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