Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions: 1. Lucy invested $50,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $12,000. III. The business provided engineering services on account, $22,000. IV. The business paid salaries to the receptionist, $1400. V. The business received cash from a customer as payment on account $8,000. VI. The business borrowed $18,000 from the bank, issuing a note payable. Total assets would be:

Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions: 1. Lucy invested $50,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $12,000. III. The business provided engineering services on account, $22,000. IV. The business paid salaries to the receptionist, $1400. V. The business received cash from a customer as payment on account $8,000. VI. The business borrowed $18,000 from the bank, issuing a note payable. Total assets would be:

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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