The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. a. Received $50,000 cash from Lantana, the sole proprietor. b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. c. Bought $900 of supplies on account. d. Purchased $10,000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction (c). a. bal. b. bal. e. Cash 50,000 34,500 Land 20,000 20,000 Accounts Payable 500 Lantana, Capital 5,000 b. 10,000 d. 500 e. 900 C. 400 bal. 50,000 a. 50.000 bal. C. bal. d. bal. Supplies 900 9.00 Equipment 10,000 10.000 Note Payable 15,000 b. 15.000 bal.

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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1
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3
A
B
18 b.
19
20 bal.
21
22
23
24
25
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27
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31
e.
The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the
T-accounts below.
4
5
a. Received $50,000 cash from Lantana, the sole proprietor.
6
b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder.
7
c. Bought $900 of supplies on account.
8 d. Purchased $10,000 of equipment, paying cash.
9
e. Paid $500 on account for supplies purchased in transaction (c).
10
11
12 a.
13
14
15 bal.
16
17
Cash
50,000
34,500
Land
20,000
20,000
C
Accounts Payable
500
DE F
Lantana, Capital
5,000 b.
10,000 d.
500 e.
900 c.
400 bal.
50,000 a.
50,000 bal.
C.
bal.
G
d.
bal.
Supplies
900
900
Equipment
10,000
10,000
H
Note Payable
15,000 b.
I
15,000 bal.
J
K
L
M
N
O
P
Q
R
S
▲
Transcribed Image Text:1 2 3 A B 18 b. 19 20 bal. 21 22 23 24 25 26 27 28 29 30 31 e. The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. 4 5 a. Received $50,000 cash from Lantana, the sole proprietor. 6 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 7 c. Bought $900 of supplies on account. 8 d. Purchased $10,000 of equipment, paying cash. 9 e. Paid $500 on account for supplies purchased in transaction (c). 10 11 12 a. 13 14 15 bal. 16 17 Cash 50,000 34,500 Land 20,000 20,000 C Accounts Payable 500 DE F Lantana, Capital 5,000 b. 10,000 d. 500 e. 900 c. 400 bal. 50,000 a. 50,000 bal. C. bal. G d. bal. Supplies 900 900 Equipment 10,000 10,000 H Note Payable 15,000 b. I 15,000 bal. J K L M N O P Q R S ▲
31
32 Required:
33 Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company.
34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the T-account balances and
35 formulas to complete columns C and H.
36
37
38
39
40
41
42
43
44
45 Long-term Assets
46
47
48
49
50
51
Current Assets
Total Current Assets
Total Long-term Assets
52
53
54 Total Assets
55
56
57
Assets
LANATANA COMPANY
Balance Sheet
At December 31
Current Liabilities
Liabilities and Equity
Total Current Liabilities
Long-term Liabilities
Total Long-term Liabilities
Total Liabilities
Owners' Equity
Total Owners' Equity
Total Liabilities and Equity
10
Transcribed Image Text:31 32 Required: 33 Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the T-account balances and 35 formulas to complete columns C and H. 36 37 38 39 40 41 42 43 44 45 Long-term Assets 46 47 48 49 50 51 Current Assets Total Current Assets Total Long-term Assets 52 53 54 Total Assets 55 56 57 Assets LANATANA COMPANY Balance Sheet At December 31 Current Liabilities Liabilities and Equity Total Current Liabilities Long-term Liabilities Total Long-term Liabilities Total Liabilities Owners' Equity Total Owners' Equity Total Liabilities and Equity 10
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