Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity.

INSTRUCTIONS
Set up an accounting equation using the balances given above. Record the effects of the following transactions in the equation. (Use plus, minus, and equals signs.) Record new balances after each transaction has been entered. Prove the equality of the two sides of the final equation on a separate sheet of paper.
TRANSACTIONS
1. Performed services for $7,200 on credit.
2. Paid $1,820 in cash for new office chairs.
3. Received $13,800 in cash from credit clients.
4. Paid $910 in cash for telephone service.
5. Sent a check for $5,200 in partial payment of the amount due creditors.
6. Paid salaries of $10,580 in cash.
7. Sent a check for $1,285 to pay electric bill.
8. Performed services for $12,900 in cash.
9. Paid $2,660 in cash for auto repairs.
10. Performed services for $13,800 on account.
Analyze: What is the amount of total assets after all transactions have been recorded?

Transcribed Image Text:

$72,000 18,500 42,500 27,500 15,300 Cash Accounts Recelvable Office Furniture Auto Accounts Payable Harold Joseph, Capital107,250 Revenue Expenses 65,800 27,850