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Business
Accounting
Owner's Transaction Amount Asset Liability Equity $0 Amount owed for land purchase Apple sales: cash Apple sales: credit Collections of credit sales Cash purchase of equipment $50,000 3,000 $50,000 $50,000 6,000 ? ? 4,000 ? ? 10,000 Owner investments 25,000 ? Wages expenses paid Fuel expenses paid Amount owed for utility expense 6,000 ? ? ? 400 ? 1,000 Current totals $50,000 $50,000 $0

Owner's Transaction Amount Asset Liability Equity $0 Amount owed for land purchase Apple sales: cash Apple sales: credit Collections of credit sales Cash purchase of equipment $50,000 3,000 $50,000 $50,000 6,000 ? ? 4,000 ? ? 10,000 Owner investments 25,000 ? Wages expenses paid Fuel expenses paid Amount owed for utility expense 6,000 ? ? ? 400 ? 1,000 Current totals $50,000 $50,000 $0

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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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. Note: Negative amounts should be indicated with minus signs (–) and unaffected should be noted
as $0.
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction
may be $0.)

Owner's Transaction Amount Asset Liability Equity $0 Amount owed for land purchase Apple sales: cash Apple sales: credit Collections of credit sales Cash purchase of equipment $50,000 3,000 $50,000 $50,000 6,000 ? ? 4,000 ? ? 10,000 Owner investments 25,000 ? Wages expenses paid Fuel expenses paid Amount owed for utility expense 6,000 ? ? ? 400 ? 1,000 Current totals $50,000 $50,000 $0
Transcribed Image Text:Owner's Transaction Amount Asset Liability Equity $0 Amount owed for land purchase Apple sales: cash Apple sales: credit Collections of credit sales Cash purchase of equipment $50,000 3,000 $50,000 $50,000 6,000 ? ? 4,000 ? ? 10,000 Owner investments 25,000 ? Wages expenses paid Fuel expenses paid Amount owed for utility expense 6,000 ? ? ? 400 ? 1,000 Current totals $50,000 $50,000 $0
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