Jim Jackson 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 have been entered. Prove the equality of the two sides of the final equation on a separate sheet of paper.
TRANSACTIONS
1. Performed services for $6,580 on credit.
2. Paid $ 1,600 in cash for new office chairs.
3. Received $10,200 in cash from credit clients.
4. Paid $780 in cash for telephone service.
5. Sent a check for $2,500 in partial payment of the amount due creditors.
6. Paid salaries of $8,700 in cash.
7. Sent a check for $ 1,020 to pay electric bill.
8. Performed services for $9,500 in cash.
9. Paid $2,250 in cash for auto repairs.
10. Performed services for $ 11,500 on account.
Analyze:
What is the amount of total assets after all transactions have been recorded?

Transcribed Image Text:

Cash Accounts Receivable 15,600 im Jackson, Capital Office Furniture Auto $60,000 Accounts Payable $10,200 90,500 55,600 23,400 34,800 Revenue 22.500 Expenses