B and C Sporting Goods is opening for business this month. Complete the table on the provided spreadsheet with the following transactions. Calculate the new balance for each account after each recorded transaction. Hint: carry down the total even if the account is not affected or had zero balance. C.Received cash from owner, Charlie Tallman, as an investment, $8000.00.d. Paid cash for insurance, $1200.00e. Bought supplies on account from Athletic Supply, $2500.00.F. Paid cash for supplies, $275.000g. Paid cash on account to athletic supply, $500.000h. Paid cash to owner, Charlie Tallman, for personal use, $1800.00. The first picture is a example. Accounting equation is (Assets=Liabilities+Equity)Prepare a balance sheet for your balance totals. Make sure you have the correct heading, column titles, accounts, account balances, and column totals. BTransactionNumberBeginning BalanceNew BalanceNew BalanceNew BalanceNew BalanceNew BalanceNew Balance123456CCash +$0.00DAssetsSupplies +$0.00EInsurance =$0.00FG= Liabilities+ Owner's EquityAccounts Payable, + Charlie Tallman,Athletic SupplyCapital$0.00$0.00H When an owner wants to get paid, the owner may take assets from the business for personal use. This is called a withdrawal, and it decreasesowner's equity. Although any assets may be used in a withdrawal, the most common, of course, is cash. Because a withdrawal is not an activityused to operate the business, it is not recorded as an expense.The transaction may look like this:January 10. Paid cash to owner for personal use, $3,000.This transaction decreases the asset account Cash on the left side and decreases the owner's equity account Capital on the right side.+ Owner's EquityTransaction NumberBalanceNew BalanceNew BalanceNew BalanceNew BalanceNew Balance678910Cash +$18,200+$1500$19,700$19,700-$600$19,100-$100$19,000-$3,000$16,000Supplies +$2,800$2,800$2,800$2,800$2,800$2,800AssetsAcounts. Receivable,Jane Morris$800$800$800$800$800Insurance =$1,200$1,200|= LiabilitiesAccounts Payable, + Allison Schmidt, CapitalSupplies Warehouse$20,000$2,200$1,200$1,200$1,200$1.2001$2,200$2,200$2,200$2,200$2,200+$1500 (revenue)$21,500+$800 (revenue)$22,300-$600 (expense)$21,700-$100 (expense)$21,600-$3,000 (withdrawal)$18.600

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Description: B and C Sporting Goods is opening for business this month. Complete the table on the provided spreadsheet with the following transactions. Calculate the new balance for each account after each recorded transaction. Hint: carry down the total even if

According to double accounting system all assets of a company is equal to all liabilities and equity…

Answered: The first picture is a example.…

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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B and C Sporting Goods is opening for business this month. Complete the table on the provided spreadsheet with the following transactions. Calculate the new balance for each account after each recorded transaction. Hint: carry down the total even if the account is not affected or had zero balance. C.Received cash from owner, Charlie Tallman, as an investment, $8000.00. d. Paid cash for insurance, $1200.00 e. Bought supplies on account from Athletic Supply, $2500.00. F. Paid cash for supplies, $275.000 g. Paid cash on account to athletic supply, $500.000 h. Paid cash to owner, Charlie Tallman, for personal use, $1800.00. The first picture is a example. Accounting equation is (Assets=Liabilities+Equity) Prepare a balance sheet for your balance totals. Make sure you have the correct heading, column titles, accounts, account balances, and column totals.

B
Transaction
Number
Beginning Balance
New Balance
New Balance
New Balance
New Balance
New Balance
New Balance
1
2
3
4
5
6
C
Cash +
$0.00
D
Assets
Supplies +
$0.00
E
Insurance =
$0.00
F
G
= Liabilities
+ Owner's Equity
Accounts Payable, + Charlie Tallman,
Athletic Supply
Capital
$0.00
$0.00
H

When an owner wants to get paid, the owner may take assets from the business for personal use. This is called a withdrawal, and it decreases
owner's equity. Although any assets may be used in a withdrawal, the most common, of course, is cash. Because a withdrawal is not an activity
used to operate the business, it is not recorded as an expense.
The transaction may look like this:
January 10. Paid cash to owner for personal use, $3,000.
This transaction decreases the asset account Cash on the left side and decreases the owner's equity account Capital on the right side.
+ Owner's Equity
Transaction Number
Balance
New Balance
New Balance
New Balance
New Balance
New Balance
6
7
8
9
10
Cash +
$18,200
+$1500
$19,700
$19,700
-$600
$19,100
-$100
$19,000
-$3,000
$16,000
Supplies +
$2,800
$2,800
$2,800
$2,800
$2,800
$2,800
Assets
Acounts. Receivable,
Jane Morris
$800
$800
$800
$800
$800
Insurance =
$1,200
$1,200
|= Liabilities
Accounts Payable, + Allison Schmidt, Capital
Supplies Warehouse
$20,000
$2,200
$1,200
$1,200
$1,200
$1.2001
$2,200
$2,200
$2,200
$2,200
$2,200
+$1500 (revenue)
$21,500
+$800 (revenue)
$22,300
-$600 (expense)
$21,700
-$100 (expense)
$21,600
-$3,000 (withdrawal)
$18.600

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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