c. Pass the transactions to balance Accounting Equation for the month of January 2021; January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for S5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for $10000. January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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c. Pass the transactions to balance Accounting Equation for the month of January 2021;
January 1: Star Co started a business with $70000 cash in hand and $50000 cash :
January 3: Purchased furniture $15000 and building $25000 and paid cash.
January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on
bank,
account.
January 5: Star co. issued additional capital of $25000 by depositing in bank account.
January 11: Purchased equipment by issuing 30 days notes payable for $10000.
January 12: Sold raw material of $5500 equal to the original cost on account.
January 15: Received cash of $4500 in settlement of account receivables.
January 20: Paid utility expenses for $5000 in cash.
Transcribed Image Text:N 20% 2 3:09 PM Anum 1 minute agO c. Pass the transactions to balance Accounting Equation for the month of January 2021; January 1: Star Co started a business with $70000 cash in hand and $50000 cash : January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on bank, account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for $10000. January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.
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