Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,300 3,300 3,300 Apple sales: credit 6,200 6,200 6,200 Collections of credit sales 4,200 Cash purchase of equipment 14,000 Owner investments 28,000 28,000 28,000 Wages expenses paid 6,200 -6,200 -6,200 Fuel expenses paid 700 -700 -700 Amount owed for utility expense 1,500 1,500 -1,500 Current Totals 82,600 53,500 29,100
Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,300 3,300 3,300 Apple sales: credit 6,200 6,200 6,200 Collections of credit sales 4,200 Cash purchase of equipment 14,000 Owner investments 28,000 28,000 28,000 Wages expenses paid 6,200 -6,200 -6,200 Fuel expenses paid 700 -700 -700 Amount owed for utility expense 1,500 1,500 -1,500 Current Totals 82,600 53,500 29,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Wondering if I did this correctly
Transcribed Image Text:A v2.cengagenov
My Home
CengageNOWv2 | Online teaching and learning resource from Cengag
eBook
Print Item
Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances.
As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box
does not require an entry, leave it blank.
Owner's
Transaction
Amount
Asset
Liability
Equity
Amount owed for land purchase
$52,000
$52,000
$52,000
$0
Apple sales: cash
3,300
3,300
3,300
Apple sales: credit
6,200
6,200
6,200
Collections of credit sales
4,200
Cash purchase of equipment
14,000
Owner investments
28,000
28,000
28,000
Wages expenses paid
6,200
-6,200
-6,200
Fuel expenses paid
700
-700
-700
Amount owed for utility expense
1,500
1,500
-1,500
Current Totals
82,600
53,500
29,100
Previous
Next
II
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education