Mateos Maple Syrup had the following transactions during the month of February, its first month in business.
Question:
Mateo’s Maple Syrup had the following transactions during the month of February, its first month in business.
Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: negative amounts should be indicated with minus signs (–).
Transcribed Image Text:
Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense Syrup sales: cash Syrup sales: credit Dividends paid Collections of credit sales Cash purchase for supplies expenses Cash paid for amounts owed Utility expenses paid Taxes paid Amount Asset $ 3,000 $3,000 1,950 750 13,000 6,000 40 1,700 250 1,600 400 600 ? ? ? ? ? N... ~.~. ? ? ? ? ? $3,000 Liability $0 ? ? ? ? ...... NO ? ? ? ? ? ? $0 = Owner's Equity $3,000 ? ? ? ? 22222 ? ? ? ? ? ? $3,000
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Owners Transaction Amount Asset Liability Equity 3000 0 3000 Common stock sold 3000 3000 0 0 Amount ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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