Z. Net, an accountant, owns a business with the following assets and liabilities. Please note Capital has not been calculated for you. Cash $2000 A/P - Rose & Son $1,600 A/P - Familiar Finance $1,800 Supplies $800 Equipment $5,000 A/R - S. Anton $570 Automobile $9500 Bank Loan $2,100 A/R - D. Rovito $400 Mortgage $140,000 Building $200,000 A/P - Paper is Us $300 Z. Net, Capital ? A/R - M. Parker $350 O Set-up T-accounts with opening balances and then record the following transactions 1.The automobile broke down and had to be repaired at a cost of $500 paid in cash. The repair did not add value to the equipment. 2. Paid $200 cash to Rose And Sons for partial payment of the amount owed. 3. The owner withdrew $300 cash from the business for his personal use. 4. An accounting service was performed for S. Anton at a price of $400. Mr. Anton will pay at a later date. 5. S. Anton made a cash payment of $570 in partial payment of his debt to the business. 6. An accounting service was performed for D. Rovito for $200 cash. 7. Purchased supplies valued at $45 from Paper is Us to be paid at a later date. 8. Purchased equipment from Rose & Son for $2050. $900 was paid as a cash deposit and the balance to be paid at the end of the month. 9. Z. Net took out a business loan from the bank for $2000 10. The Rent for $215 was paid in cash. 11. Sold the only Automobile owned by the company for $8000 in cash. 12. Z. Net paid $200 for renovations to their family home.
Z. Net, an accountant, owns a business with the following assets and liabilities. Please note Capital has not been calculated for you. Cash $2000 A/P - Rose & Son $1,600 A/P - Familiar Finance $1,800 Supplies $800 Equipment $5,000 A/R - S. Anton $570 Automobile $9500 Bank Loan $2,100 A/R - D. Rovito $400 Mortgage $140,000 Building $200,000 A/P - Paper is Us $300 Z. Net, Capital ? A/R - M. Parker $350 O Set-up T-accounts with opening balances and then record the following transactions 1.The automobile broke down and had to be repaired at a cost of $500 paid in cash. The repair did not add value to the equipment. 2. Paid $200 cash to Rose And Sons for partial payment of the amount owed. 3. The owner withdrew $300 cash from the business for his personal use. 4. An accounting service was performed for S. Anton at a price of $400. Mr. Anton will pay at a later date. 5. S. Anton made a cash payment of $570 in partial payment of his debt to the business. 6. An accounting service was performed for D. Rovito for $200 cash. 7. Purchased supplies valued at $45 from Paper is Us to be paid at a later date. 8. Purchased equipment from Rose & Son for $2050. $900 was paid as a cash deposit and the balance to be paid at the end of the month. 9. Z. Net took out a business loan from the bank for $2000 10. The Rent for $215 was paid in cash. 11. Sold the only Automobile owned by the company for $8000 in cash. 12. Z. Net paid $200 for renovations to their family home.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Z. Net, an accountant, owns a business with the following assets and liabilities. Please
note Capital has not been calculated for you.
Cash
$2000
A/P - Rose & Son
$1,600
A/P - Familiar Finance
$1,800 Supplies
$800
Equipment
$5,000 A/R -S. Anton
$570
Automobile
$9500
Bank Loan
$2,100
A/R - D. Rovito
$400
Mortgage
$140,000
Building
$200,000 A/P - Paper is Us
$300
Z. Net, Capital
A/R - M. Parker
$350
?
A) Set-up T-accounts with opening balances and then record the following transactions
1.The automobile broke down and had to be repaired at a cost of $500 paid in cash.
The repair did not add value to the equipment.
2. Paid $200 cash to Rose And Sons for partial payment of the amount owed.
3. The owner withdrew $300 cash from the business for his personal use.
4. An accounting service was performed for S. Anton at a price of $400. Mr. Anton
will pay at a later date.
5. S. Anton made a cash payment of $570 in partial payment of his debt to the
business.
6. An accounting service was performed for D. Rovito for $200 cash.
7. Purchased supplies valued at $45 from Paper is Us to be paid at a later date.
8. Purchased equipment from Rose & Son for $2050. $900 was paid as a cash
deposit and the balance to be paid at the end of the month.
9. Z. Net took out a business loan from the bank for $2000
10. The Rent for $215 was paid in cash.
11. Sold the only Automobile owned by the company for $8000 in cash.
12. Z. Net paid $200 for renovations to their family home.
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