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Owner's equity M.Sajjad. Capital $55,000 ASSETS LIABILITIES Cash + Account Trucks + Office Note Payable + Account Receivable + Equipment= $3,800 $20,000 Payable+ $5,200 Balances $9,500 $8,900 $58,000 During a short period after December 31, triad truck rental had the following transaction 1. Bought office equipment at a cost of $2,700.paid cash. 2. Collected $4,000 of accounts receivable. 3. Paid $3,200 of accounts payable. 4. Borrowed $10,000 from a bank, signed a note payable for that amount. 5. Purchased two trucks for $30,500.paid $15,000 cash and signed a note payable for the balance 6. Msaljad, the owner, invested $20,000 cash in the business. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular as shown above b. Record the effects of each of the each of the 6 transactions in the tabular arrangement illustrated above Show totals for all columns after each transaction.

Owner's equity M.Sajjad. Capital $55,000 ASSETS LIABILITIES Cash + Account Trucks + Office Note Payable + Account Receivable + Equipment= $3,800 $20,000 Payable+ $5,200 Balances $9,500 $8,900 $58,000 During a short period after December 31, triad truck rental had the following transaction 1. Bought office equipment at a cost of $2,700.paid cash. 2. Collected $4,000 of accounts receivable. 3. Paid $3,200 of accounts payable. 4. Borrowed $10,000 from a bank, signed a note payable for that amount. 5. Purchased two trucks for $30,500.paid $15,000 cash and signed a note payable for the balance 6. Msaljad, the owner, invested $20,000 cash in the business. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular as shown above b. Record the effects of each of the each of the 6 transactions in the tabular arrangement illustrated above Show totals for all columns after each transaction.

FINANCIAL ACCOUNTING
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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Write the answers of the instructions provided in the image by considering the effects of the business transactions.

Recording the effects of business transaction Question3. : the items making up the balance sheet of triad truck rental at December 31 are listed below in tabular form similar to the illustration of the accounting equation on page 53:. ASSETS LIABILITIES Owner's equity Note Payable + M.Saijad Capital $55,000 Cash + Account Trucks + Office Account Receivable + Equipment= $3,800 Payable+ Balances $9,500 $8,900 $58,000 $20,000 $5,200 During a short period after December 31, triad truck rental had the following transaction 1. Bought office equipment at a cost of $2,700.paid cash. 2. Collected $4,000 of accounts receivable. 3. Paid $3,200 of accounts payable. 4. Borrowed $10,000 from a bank, signed a note payable for that amount. 5. Purchased two trucks for $30,500.paid $15,000 cash and signed a note payable for the balance 6. Msajad, the owner, invested $20,000 cash in the business. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular as shown above b. Record the effects of each of the each of the 6 transactions in the tabular arrangement illustrated above Show totals for all columns after each transaction.
Transcribed Image Text:Recording the effects of business transaction Question3. : the items making up the balance sheet of triad truck rental at December 31 are listed below in tabular form similar to the illustration of the accounting equation on page 53:. ASSETS LIABILITIES Owner's equity Note Payable + M.Saijad Capital $55,000 Cash + Account Trucks + Office Account Receivable + Equipment= $3,800 Payable+ Balances $9,500 $8,900 $58,000 $20,000 $5,200 During a short period after December 31, triad truck rental had the following transaction 1. Bought office equipment at a cost of $2,700.paid cash. 2. Collected $4,000 of accounts receivable. 3. Paid $3,200 of accounts payable. 4. Borrowed $10,000 from a bank, signed a note payable for that amount. 5. Purchased two trucks for $30,500.paid $15,000 cash and signed a note payable for the balance 6. Msajad, the owner, invested $20,000 cash in the business. Instruction: a. List the December 31 balances of asset, liabilities and owner's equity in tabular as shown above b. Record the effects of each of the each of the 6 transactions in the tabular arrangement illustrated above Show totals for all columns after each transaction.
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