The following T-accounts indicate the effects of normal business transactions: Debit 1/1 12/31 Debit Equipment 540 280 220 Notes Payable Equipment Notes receivable Notes payable ? Credit ? Credit 290 320 110 Answer is complete but not entirely correct. Missing amounts 40 x 1/1 Required: 2. For each T-account, compute the missing amounts. 140 12/31 30 x Debit 1/1 12/31 Notes Receivable. 90 ? 230 Credit 385

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following T-accounts indicate the effects of normal business transactions:
Debit
1/1
12/31
Debit
Equipment
540
280
220
Notes Payable
Equipment
Notes receivable
Notes payable
?
Credit
?
Credit
290
320
110
Answer is complete but not entirely correct.
Missing amounts
40 x
1/1
Required:
2. For each T-account, compute the missing amounts.
140
12/31
30 x
Debit
1/1
12/31
Notes Receivable.
90
?
230
Credit
385
Transcribed Image Text:The following T-accounts indicate the effects of normal business transactions: Debit 1/1 12/31 Debit Equipment 540 280 220 Notes Payable Equipment Notes receivable Notes payable ? Credit ? Credit 290 320 110 Answer is complete but not entirely correct. Missing amounts 40 x 1/1 Required: 2. For each T-account, compute the missing amounts. 140 12/31 30 x Debit 1/1 12/31 Notes Receivable. 90 ? 230 Credit 385
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