Paid-in capital: 189000 Notes payable: 21000 Cash: 22000 Accounts payable: 16000 Merchandise inventory: 29000 Machinery and equipment: 20000 Furniture and fixtures: 8000 Land: 41000 Building: 230000 Long-term debt payable: 124000 On the following day, November 30, these transactions and events ocurred: These transactions and events ocurred: 1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance. 2. Paid $6000 on accounts. 3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land. 4. The remaining land was valued at $240000 by professional appraisers. 5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year. Prepare a balance sheet. You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.
Paid-in capital: 189000 Notes payable: 21000 Cash: 22000 Accounts payable: 16000 Merchandise inventory: 29000 Machinery and equipment: 20000 Furniture and fixtures: 8000 Land: 41000 Building: 230000 Long-term debt payable: 124000 On the following day, November 30, these transactions and events ocurred: These transactions and events ocurred: 1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance. 2. Paid $6000 on accounts. 3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land. 4. The remaining land was valued at $240000 by professional appraisers. 5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year. Prepare a balance sheet. You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Paid-in capital: 189000
Notes payable: 21000
Cash: 22000
Accounts payable: 16000
Merchandise inventory: 29000
Machinery and equipment: 20000
Furniture and fixtures: 8000
Land: 41000
Building: 230000
Long-term debt payable: 124000
On the following day, November 30, these transactions and events ocurred:
These transactions and events ocurred:
1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance.
2. Paid $6000 on accounts.
3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land.
4. The remaining land was valued at $240000 by professional appraisers.
5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year.
Prepare a
You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.
Transcribed Image Text:Autoguardado
O ABC
A Excel_accounting_2-2
Inicio
Insertar
Dibujar
Disposición de página
Fórmulas
Datos
Revisar
Vista
¿Qué desea?
2 Compartir
Comentarios
E Insertar v
Σ
Ex Eliminar v
O v A v
• % 9
Estilos
condicional como tabla de celda
Dar formato
Pegar
,00
,00 0
N
K
Formato
Ordenar
Buscar y
Ideas
Sensibilidad
Formato v
y filtrar seleccionar
C7
v fx
A
В
C
D
E
F
G
H
K
L
M
P
Q
R
S
2
Transactions
Excel Accounting template
2
3
4
Assets
Liablities and Owners Equity
6.
Date
Description
Account 1
Account 2
Асcount 3
Account 4
Account 5
Account 6
Account 7
Account 1
Account 2
Account 3
Account 4
Check
7
Open. Bal
1
8.
2
=
9.
3
10
4
%3D
11
12
6.
13
7
14
8
15
9.
16
10
=
17
11
18
12
=
19
13
20
14
21
15
22
23
Bal
Bal
24
25
Total
Total
26
27
СOMPANY
28
29
Balance sheet
30
Date
31
32
Assets
Liabilities nd Stockholders Equity
33
34
35
36
37
Total liabilities
38
Stockholders equity:
39
40
41
42
43
Total
Total
A Sheet1
Sheet2
Sheet3
+
+
100 %
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 3 steps with 3 images
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