Olivias Apple Orchard had the following transactions during the month of September, the first month in business.
Question:
Olivia’s Apple Orchard had the following transactions during the month of September, the 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 (–) and unaffected should be noted as $0.
Transcribed Image Text:
Transaction Amount owed for land purchase Apple sales: cash Apple sales: credit Collections of credit sales Cash purchase of equipment Owner investments Wages expenses paid Fuel expenses paid Amount owed for utility expense Current totals Amount Asset $50,000 $50,000 3,000 6,000 4,000 10,000 25,000 6,000 400 1,000 ? ? ? ? ? ? ? ? $50,000 Liability $50,000 ? ? ? ? ? ? ? ? $50,000 Owner's Equity $0 ? ? ? ? ? ? ? 720 ? $0
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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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