The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: December 31 2020 2019 $ 9,375 $ 26, 250 11,175 1,650 27,000 73,500 22,500 90,000 18,750 52,500 Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable 14, 250 2,250 27,000 69, 000 3,750 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,500 cash in the business to enable it to pay the $60,000. The business earned a Profit during 2020, which enabled LeClaire to withdraw $1,500 per month from the business for personal expenses.

The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: December 31 2020 2019 $ 9,375 $ 26, 250 11,175 1,650 27,000 73,500 22,500 90,000 18,750 52,500 Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable 14, 250 2,250 27,000 69, 000 3,750 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,500 cash in the business to enable it to pay the $60,000. The business earned a Profit during 2020, which enabled LeClaire to withdraw $1,500 per month from the business for personal expenses.

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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