On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS 1. The owner invested $100,000 in cash to begin the business. 2. Paid $20,250 in cash for the purchase of equipment. 3. Purchased additional equipment for $15,200 on credit. 4. Paid $12,500 in cash to creditors. 5. The owner made an additional investment of $25,000 in cash. 6. Performed services for $9,750 in cash. 7. Performed services for $7,800 on account. 8. Paid $6,000 for rent expense. 9. Received $5,500 in cash from credit clients. 10. Paid $7,550 in cash for office supplies. 11. The owner withdrew $12,000 in cash for personal expenses Record in equation form the changes that occur in assets, liabilities, and owner's equity for the above transactions. Analyze: What is the ending balance of cash after all transactions have been recorded?
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS 1. The owner invested $100,000 in cash to begin the business. 2. Paid $20,250 in cash for the purchase of equipment. 3. Purchased additional equipment for $15,200 on credit. 4. Paid $12,500 in cash to creditors. 5. The owner made an additional investment of $25,000 in cash. 6. Performed services for $9,750 in cash. 7. Performed services for $7,800 on account. 8. Paid $6,000 for rent expense. 9. Received $5,500 in cash from credit clients. 10. Paid $7,550 in cash for office supplies. 11. The owner withdrew $12,000 in cash for personal expenses Record in equation form the changes that occur in assets, liabilities, and owner's equity for the above transactions. Analyze: What is the ending balance of cash after all transactions have been recorded?
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