Do the Math: Determine the Cash balance for Wiemack Landscape Designs after the third transaction that follows. All three transactions occurred on the same day. The Cash balance before the first transaction was $10,000. 1. The owner withdrew $1,000 from personal savings and deposited it in the business account. 2. Bought computer equipment for $5,000, issued a check for 20 percent of the price and agreed to pay the balance at a later date. 3. Issued a check for $100 to buy tools and equipment.
Do the Math: Determine the Cash balance for Wiemack Landscape Designs after the third transaction that follows. All three transactions occurred on the same day. The Cash balance before the first transaction was $10,000. 1. The owner withdrew $1,000 from personal savings and deposited it in the business account. 2. Bought computer equipment for $5,000, issued a check for 20 percent of the price and agreed to pay the balance at a later date. 3. Issued a check for $100 to buy tools and equipment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do the Math:
Determine the Cash balance for Wiemack Landscape Designs after the third transaction that follows. All three transactions occurred on the same day. The Cash balance before the first transaction was $10,000.
1. The owner withdrew $1,000 from personal savings and deposited it in the business account.
2. Bought computer equipment for $5,000, issued a check for 20 percent of the price and agreed to pay the balance at a later date.
3. Issued a check for $100 to buy tools and equipment.
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