Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,300 3,300 3,300 Apple sales: credit 6,200 6,200 6,200 Collections of credit sales 4,200 Cash purchase of equipment 14,000 Owner investments 28,000 28,000 28,000 Wages expenses paid 6,200 -6,200 -6,200 Fuel expenses paid 700 -700 -700 Amount owed for utility expense 1,500 1,500 -1,500 Current Totals 82,600 53,500 29,100
Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,300 3,300 3,300 Apple sales: credit 6,200 6,200 6,200 Collections of credit sales 4,200 Cash purchase of equipment 14,000 Owner investments 28,000 28,000 28,000 Wages expenses paid 6,200 -6,200 -6,200 Fuel expenses paid 700 -700 -700 Amount owed for utility expense 1,500 1,500 -1,500 Current Totals 82,600 53,500 29,100
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 1PA: Sage Learning Centers was established on July 20 to provide educational services. The services...
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