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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