Analyze the following transactions for Carly Corbett, and prove that the equation still balances. (10 marks...

 

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Analyze the following transactions for Carly Corbett, and prove that the equation still balances. (10 marks THINKING) Transactions: 1) Purchased equipment from Abdullah Inc. at a cost of $19,000. Paid $7,000 cash at the time of purchase, and the balance was to be paid at a later date. 2) Paid Abdullah Inc. remaining balance 3) The owner invested an additional $20,000 in her business. 4) Received $5,350 cash for services performed during the month. 5) Sold an old piece of equipment with an original value of $18,000 for cash of $22,500. 6) Paid Abdullah Inc. $8,500 on the balance owing. 7) Performed a service for G. Noordijk and charged her $1,400, to be paid later. 8) Paid $1,700 cash to a secretary for her monthly wage. 9) M. Liu, who owes the business $12,000, makes a cash payment of $4,000 on his debt. 10) Reduced the bank loan by $8,000. Analyze the following transactions for Carly Corbett, and prove that the equation still balances. (10 marks THINKING) Transactions: 1) Purchased equipment from Abdullah Inc. at a cost of $19,000. Paid $7,000 cash at the time of purchase, and the balance was to be paid at a later date. 2) Paid Abdullah Inc. remaining balance 3) The owner invested an additional $20,000 in her business. 4) Received $5,350 cash for services performed during the month. 5) Sold an old piece of equipment with an original value of $18,000 for cash of $22,500. 6) Paid Abdullah Inc. $8,500 on the balance owing. 7) Performed a service for G. Noordijk and charged her $1,400, to be paid later. 8) Paid $1,700 cash to a secretary for her monthly wage. 9) M. Liu, who owes the business $12,000, makes a cash payment of $4,000 on his debt. 10) Reduced the bank loan by $8,000.

Answer rating: 100% (QA)

Transaction Purchase Equipments Abdullah Purchase Inc for 19000 Paid 7000 cash and balance was to be ... View the full answer