Michael McNamee owns Central Grind Coffee House, near the campus of Western Community College. The company has cash of $24,000 and furniture that cost $54,000. Debts include accounts payable $8,200 and a $42,000 note payable. Required Start by completing the accounting equation. Then select the accounts and enter the amounts for each section. + Based on the accounting equation, Michael McNamee has $ of equity in the business. + + +

Michael McNamee owns Central Grind Coffee House, near the campus of Western Community College. The company has cash of $24,000 and furniture that cost $54,000. Debts include accounts payable $8,200 and a $42,000 note payable. Required Start by completing the accounting equation. Then select the accounts and enter the amounts for each section. + Based on the accounting equation, Michael McNamee has $ of equity in the business. + + +

Name: Michael McNamee owns Central Grind Coffee House, near the campus of W
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Description: Michael McNamee owns Central Grind Coffee House, near the campus of Western Community College. The company has cash of $24,000 and furniture that cost $54,000. Debts include accounts payable$8,200 and a $42,000 note payable.RequiredStart by completi

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

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Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in assets and in which the owner has 34,500 equity. b. The equity of the owner of a tour bus that cost 57,000 and on which is owed 21,800 on an installment loan payable to the bank. c. The amount of the assets of a business that has 11,780 in liabilities and in which the owner has 28,500 equity.
Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Financial statement
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Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Journal
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i hope you will can solve it quickly Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness might undertake by using your own idea with the following assumptions:• Started business with cash• Goods purchase for cash• Goods purchased on credit• Any asset purchased and paid cash• Any asset purchase on credit• Sold goods for cash• Sold goods on credit• Paid any bill• Paid salary to staff• Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement