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Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068
Verified
Step 1 of 7
a.
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| Owner’s | |
| Assets = | Liabilities + | Equity | |
August 1, 2010 totals | $700,000 | $550,000 | $150,000 | |
August 3, borrowed $12,000 in cash from the bank | + 24,000 | + 24,000 |
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New totals | $724,000 | $574,000 | $150,000 | |
August 7, bought merchandise inventory valued at |
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$38,000 on account | +38,000 | +38,000 |
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New totals | $762,000 | $612,000 | $150,000 | |
August 10, paid $14,000 cash operating expenses | –14,000 |
| –14,000 | |
New totals | $748,000 | $612,000 | $136,000 | |
August 14, received $100,000 in cash from sales | +100,000 | +100,000 |
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of merchandise that had cost $66,000 | –66,000 | _______ | – 66,000 | |
New totals | $782,000 | $612,000 | $170,000 | |
August 17, paid $28,000 owed on accounts payable….. | –28,000 | –28,000 |
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New totals | $754,000 | $584,000 | $170,000 | |
August 21, collected $34,000 of accounts receivable | 0 |
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New totals | $754,000 | $584,000 | $170,000 | |
August 24, repaid $20,000 to the bank, plus $400 interest | –20,400 | –20,000 | –400 | |
New totals | $733,600 | $564,000 | $169,600 | |
August 29, paid Kenisha Morgan a $10,000 cash dividend | –10,000 |
| –10,000 | |
August 31, 2010 totals | $723,600= | $564,000 | + $159,600 | |
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Step 7 of 7
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