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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How does the software Quickbooks relate to accounting?
How does the data flow from the transaction (e.g. MRI scan) to financial statements? Use the following key terms in your response: transaction, journal entry, general ledger, financial statement.
Explain the importance to understanding the business operation flow.
Some guidelines should be followed while creating an accounting information system. Each of the concepts should be identified and explained.
How data are stored in the accounting information system (AIS) and how data are extracted when the business question is developed?
What is the Accounting Information System (AIS) and how does it work?
What is better: adopting a manual accounting information system or a computerized accounting information system? How to set up the system?
An organization needs to keep flow of information with various internal and external parties.Explain in brief the role of accounting as an information system in an organization to interactwith those parties.