INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries a) Cash. $3,900.00 b) Equipment Payable c) Supplies d) Supplies Note Payable $3,900.00 Note Cash CR e). Note Payable $900.00 Cash $900.00 $1,000.00 Account Payable $ 1,000.00 $300.00 $700.00 $300.0 $700.00

INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries a) Cash. $3,900.00 b) Equipment Payable c) Supplies d) Supplies Note Payable $3,900.00 Note Cash CR e). Note Payable $900.00 Cash $900.00 $1,000.00 Account Payable $ 1,000.00 $300.00 $700.00 $300.0 $700.00

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

INSTRUCTION: Determine the ending balances of the
accounts (Cash, Supplies, Equipment, Account Payable,
and Note Payable) based on the following journal entries
a) Cash. $3,900.00
b) Equipment
Payable
c) Supplies
d) Supplies
Note Payable $3,900.00
Note
Cash
CR
e). Note Payable $900.00
Cash $900.00
$1,000.00
Account Payable
$ 1,000.00
$300.00
$700.00
$300.0
$700.00

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