On July 1, Guy Fernandez established Fernandez Home Appraisal Services, a firm that provides expert residential appraisals
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INSTRUCTIONS
Analyze the following transactions. Record in equation form the changes that occur in assets, liabilities, and owner’s equity. (Use plus, minus, and equals signs.)
TRANSACTIONS
1. The owner invested $97,000 in cash to begin the business.
2. Paid $19,750 in cash for the purchase of equipment.
3. Purchased additional equipment for $14,400 on credit.
4. Paid $11,800 in cash to creditors.
5. The owner made an additional investment of $30,000 in cash.
6. Performed services for $8,200 in cash.
7. Performed services for $6,300 on account.
8. Paid $4,000 for rent expense.
9. Received $3,500 in cash from credit clients.
10. Paid $6,460 in cash for office supplies.
11. The owner withdrew $9,000 in cash for personal expenses.
Analyze: What is the ending balance of cash after all transactions have been recorded?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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