Using the following transactions,calculate (A)the ending balance of Cash, (B)the ending balance of Accounts Receivable, (C)total liabilities,and (D)Owner's Equity at the end of the period.For parts a,b,and d,indicate whether each balance is debit or credit.
a.Opened business by investing $50,000 in cash.
b.Billed customers for services rendered,$10,000.
c.Paid for six months' subscription in advance,$2,500.
d.Received advertising bill,to be paid next week,$500.
e.Withdrawals of $4,000 were made by the owner.
f.Received $7,500 from customers billed in b.
g.Paid half of advertising bill.
h.Received $1,000 in advance of performing a service.

Question

Quizplus · Accepted Answer

The Answer of Using the following transactions,calculate (A)the ending balance of Cash, (B)the ending balance of Accounts Receivable, (C)total liabilities,and (D)Owner's Equity at the end of the period.For parts a,b,and d,indicate whether each balance is debit or credit.
a.Opened business by investing $50,000 in cash.
b.Billed customers for services rendered,$10,000.
c.Paid for six months' subscription in advance,$2,500.
d.Received advertising bill,to be paid next week,$500.
e.Withdrawals of $4,000 were made by the owner.
f.Received $7,500 from customers billed in b.
g.Paid half of advertising bill.
h.Received $1,000 in advance of performing a service.

Using the Following Transactions,calculate (A)the Ending Balance of Cash, (B)the