Excel file if possible please. thanks The balance sheet items of The Original Malt Shop (arranged in alphabetical order) were as fol-lows at the close of business on September 30, 2001:PROBLEM 2.8Preparing Financial Statements:Effects of Business TransactionsLO 4, 5, 6Accounts Payable$ 8,500Land$55,000Accounts Receivable1,250Kay Martin, Capital54,090Building..45,500Notes PayableCash..7,400Supplies3,440Furniture and Fixtures20,000The transactions occurring during the first week of October were:Oct. 3Martin invested an additional $30,000 cash in the business. The accounts payablewere paid in full. (No payment was made on the notes payablc.)More furniture was purchased on account at a cost of $18,000, to be paid within 30days. Supplies were purchased for $1.000 cash from a restaurant supply center thatwas going out of business. These supplies would have cost $1.875 if purchased un-der normal circumstances.Oct. 6Oct. 1-6Revenues of $5.500 were earmed and paid in cash. Expenses required to eam therevenues of $4,000 were incurred and paid in cash.Instructionsa. Prepare a balance sheet at September 30, 2001. (You will need to compute the missing figurefor Notes Payable.)

(A) BALANCE SHEET AS ON SEPTEMBER 30,2001 Assets Amount Liabilities Amount Cash $7,400…

he balance sheet items of The Original Malt Sh yws at the close of business on September 30, 2 Accounts Payable $ 8,500 Accounts Receivable 1,250 ...... ....... Building...... . 45,500 ........ Cash. 7,400 .... Furniture and Fixtures 20,000

he balance sheet items of The Original Malt Sh yws at the close of business on September 30, 2 Accounts Payable $ 8,500 Accounts Receivable 1,250 ...... ....... Building...... . 45,500 ........ Cash. 7,400 .... Furniture and Fixtures 20,000

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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