The items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets Liabilities Owners' Equi Office Equipment $3,800 Accounts Accounts + Receivable $13,900 Cash Capital Sto $65, Trucks = Notes Payable + $28,000 Payable $10,200 + Balances $9,500 $68,000 During a short period after December 31, Phillips Truck Rental had the following transactions. 1. Bought office equipment at a cost of $2,600. Paid cash. 2. Collected $4,800 of accounts receivable. 3. Paid $3,000 of accounts payable. 4. Borrowed $10,000 from a bank. Signed a note payable for that amount. 5. Purchased two trucks for $31,000. Paid $15,000 cash and signed a note payable for the balance. 6. Sold additional stock to investors for $99,000. Required: b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreases to accounts as a negative.)
The items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets Liabilities Owners' Equi Office Equipment $3,800 Accounts Accounts + Receivable $13,900 Cash Capital Sto $65, Trucks = Notes Payable + $28,000 Payable $10,200 + Balances $9,500 $68,000 During a short period after December 31, Phillips Truck Rental had the following transactions. 1. Bought office equipment at a cost of $2,600. Paid cash. 2. Collected $4,800 of accounts receivable. 3. Paid $3,000 of accounts payable. 4. Borrowed $10,000 from a bank. Signed a note payable for that amount. 5. Purchased two trucks for $31,000. Paid $15,000 cash and signed a note payable for the balance. 6. Sold additional stock to investors for $99,000. Required: b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreases to accounts as a negative.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:The items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form.
Assets
Liabilities
Owners' Equi
Office
Equipment
$3,800
Accounts
Accounts
Cash
Receivable
Capital Sto
$65,
Trucks
= Notes Payable +
$20,000
Payable
$10,200
Balances
$9,500
$13,900
$68,000
mok
During a short period after December 31, Phillips Truck Rental had the following transactions.
int
1. Bought office equipment at a cost of $2,600. Paid cash.
2. Collected $4,800 of accounts receivable.
3. Paid $3,000 of accounts payable.
4. Borrowed $10,000 from a bank. Signed a note payable for that amount.
5. Purchased two trucks for $31,000. Paid $15,000 cash and signed a note payable for the balance.
6. Sold additional stock to investors for $99,000.
ences
Required:
b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreases to accounts as a
negative.)
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Transcribed Image Text:negative.)
Owners'
Assets
Liabilities
Notes
Payable
20,000
Equity
Capital
Stock
Accounts
Office
Accounts
Cash
+
Receivable
Trucks
Equipment
3,800
Payable
2$
December 31 balances
24
9,500
2$
13,900
$
2$
68,000
2$
10,200
$
65,000
1.
Balances
2$
9,500
2$
13,900
2$
3,800
$
68,000
2$
20,000
2$
10,200
2$
65,000
2.
Balances
24
9,500
2$
13,900
2$
3,800
$
68,000
2$
20,000
2$
10,200
65,000
3.
Balances
9,500
2$
13,900
$
3,800
2$
68,000
2$
20,000
$
10,200
$ 65,000
4.
Balances
9,500
2$
13,900
$
3,800
2$
68,000
$
20,000
10,200
65,000
5.
Balances
2$
9,500
13,900
$
3,800
2$
68,000
2$
20,000
10,200
65,000
6.
Balances
9,500
2$
13,900
$
3,800
$
68,000
20,000
10,200
65,000
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