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equired: 82. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation. or each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal. etermine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive values. If the ransaction/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanetion of equity rensection' field.) Assets Liabilities Equity

equired: 82. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation. or each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal. etermine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive values. If the ransaction/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanetion of equity rensection' field.) Assets Liabilities Equity

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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George Littechiid started a new kitchen and batn design business called Littlechiid Enterprises. Tne following activities occurred during Its first month of operations, March 2020: a. Littlechild Invested $160,000 cash and office equipment valued at $20,000 In the business. b. Purchased a small bullding for $600,000 to be used as an office. Pald $100,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,000 of office supplies for cash. d. Purchased $72000 of office equipment on credit. e. Littlechlid made reservations at a hotel hosting a kitchen and bath design conference In August 2020. He will send a $1,000 deposit on July 1, 2020. f. Completed a project on credit and billed the client $5,200 for the work. g. Pald a local online newspaper $3,500 for an announcement that the office had opened. h. Completed a project for a cllent and collected $4,000 cash. I. Made a $4,000 payment on the equlpment purchased in (d). J. Received $2,500 from the clent described in (f). k. Pald $7.000 cash for the office secretary's wages. I. Littlechild withdrew $3,600 cash from the company bank account to pay personal living expenses. Requlred: 182. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation. For each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal. Determine the final total for each Item and verify that the equation Is In balance. (Enter all amounts as positive values. If the transection/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanation of equlty transaction' field.) Assets Liabilities Equity Accounts Receivable Office Supplies Littlechild, Сapital Explanation of Equity Transaction Office Accounts Notes Cash Building Equipment Payable Payable (a)
Transcribed Image Text:George Littechiid started a new kitchen and batn design business called Littlechiid Enterprises. Tne following activities occurred during Its first month of operations, March 2020: a. Littlechild Invested $160,000 cash and office equipment valued at $20,000 In the business. b. Purchased a small bullding for $600,000 to be used as an office. Pald $100,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,000 of office supplies for cash. d. Purchased $72000 of office equipment on credit. e. Littlechlid made reservations at a hotel hosting a kitchen and bath design conference In August 2020. He will send a $1,000 deposit on July 1, 2020. f. Completed a project on credit and billed the client $5,200 for the work. g. Pald a local online newspaper $3,500 for an announcement that the office had opened. h. Completed a project for a cllent and collected $4,000 cash. I. Made a $4,000 payment on the equlpment purchased in (d). J. Received $2,500 from the clent described in (f). k. Pald $7.000 cash for the office secretary's wages. I. Littlechild withdrew $3,600 cash from the company bank account to pay personal living expenses. Requlred: 182. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation. For each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal. Determine the final total for each Item and verify that the equation Is In balance. (Enter all amounts as positive values. If the transection/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanation of equlty transaction' field.) Assets Liabilities Equity Accounts Receivable Office Supplies Littlechild, Сapital Explanation of Equity Transaction Office Accounts Notes Cash Building Equipment Payable Payable (a)
3-c. Prepare a balance sheet. Littlechild Enterprises Balance Sheet March 31, 2020 Assets Liabilities Cash Accounts payable Accounts receivable Notes payable Office supplies Total liabilities Office equipment Equity Building George Littlechild, capital Total assets 0 Total liabilities and equity
Transcribed Image Text:3-c. Prepare a balance sheet. Littlechild Enterprises Balance Sheet March 31, 2020 Assets Liabilities Cash Accounts payable Accounts receivable Notes payable Office supplies Total liabilities Office equipment Equity Building George Littlechild, capital Total assets 0 Total liabilities and equity
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