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The items making up the balance sheet of Phillips Truck Rental at December 31 are attached in tabular form.  During a short period after December 31, Phillips Truck Rental had the following transactions. Bought office equipment at a cost of $2,700. Paid cash. Collected $5,500 of accounts receivable. Paid $2,600 of accounts payable. Borrowed $10,000 from a bank. Signed a note payable for that amount. Purchased two trucks for $29,000. Paid $15,000 cash and signed a note payable for the balance. Sold additional stock to investors for $95,000.   Required:b. Record the effects of each of the six

The items making up the balance sheet of Phillips Truck Rental at December 31 are attached in tabular form.  During a short period after December 31, Phillips Truck Rental had the following transactions. Bought office equipment at a cost of $2,700. Paid cash. Collected $5,500 of accounts receivable. Paid $2,600 of accounts payable. Borrowed $10,000 from a bank. Signed a note payable for that amount. Purchased two trucks for $29,000. Paid $15,000 cash and signed a note payable for the balance. Sold additional stock to investors for $95,000.   Required:b. Record the effects of each of the six

FINANCIAL ACCOUNTING
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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The items making up the balance sheet of Phillips Truck Rental at December 31 are attached in tabular form.

 During a short period after December 31, Phillips Truck Rental had the following transactions. Bought office equipment at a cost of $2,700. Paid cash. Collected $5,500 of accounts receivable. Paid $2,600 of accounts payable. Borrowed $10,000 from a bank. Signed a note payable for that amount. Purchased two trucks for $29,000. Paid $15,000 cash and signed a note payable for the balance. Sold additional stock to investors for $95,000.

 

Required:b. Record the effects of each of the six

, the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets Liabilities Owners' Equity + Accounts Office Notes Accounts Equipment $3,800 Payable $20,000 Payable $10,200 Capital Stock $65,000 Cash + Receivable + + Trucks + + $9,500 $13,900 $68,000
Transcribed Image Text:, the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets Liabilities Owners' Equity + Accounts Office Notes Accounts Equipment $3,800 Payable $20,000 Payable $10,200 Capital Stock $65,000 Cash + Receivable + + Trucks + + $9,500 $13,900 $68,000
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