PA 8. LO 2.3 The following ten transactions occurred during the July grand opening ofthe Pancake Palace. Assume all Retained Earnings transactions relate to the primarypurpose of the business.12345678910EndingBalanceAssetsCash Inventory Equipment$50,000(6,000)1,250(750)3,200(1,000)$6,000$22,0001.000LiabilitiesAccountsPayable$22,000600175A. Calculate the ending balance for each account.B. Create the income statement.C. Create the statement of owner's equity.D. Create the balance sheet.Owner's EquityWages CommonPayableStock$3,000$50,000RetainedEarnings$ 1,250(750)(600)(3,000)3,200(175)

ending balanceParticular Amount ($)…

the Pancake Palace. Assume all Retained Earnings transactions relate to the primar purpose of the business. 1 2 3 4 5 6 7 8 9 10 Ending Balance Assets Cash Inventory Equipment $50,000 (6,000) 1,250 (750) 3,200 (1,000) $6,000 $22,000 1,000 Owner's Equity Accounts Wages Common Retained Payable Payable Stock Earnings $50,000 Liabilities $22,000 600 175 $3,000 $ 1,250 (750) (600) (3,000) 3,200 (175)

the Pancake Palace. Assume all Retained Earnings transactions relate to the primar purpose of the business. 1 2 3 4 5 6 7 8 9 10 Ending Balance Assets Cash Inventory Equipment $50,000 (6,000) 1,250 (750) 3,200 (1,000) $6,000 $22,000 1,000 Owner's Equity Accounts Wages Common Retained Payable Payable Stock Earnings $50,000 Liabilities $22,000 600 175 $3,000 $ 1,250 (750) (600) (3,000) 3,200 (175)

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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