Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of...

  

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Carter Wilson 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. Cash Accounts receivable. Office furniture Auto Accounts payable Carter Wilson, Capital Revenue Expenses $144,000 37,000 85,000 55,000 30,600 214,500 131,600 55,700 TRANSACTIONS 1. Performed services for $14,400 on credit. 2. Paid $3,640 in cash for new office chairs. 3. Received $27,600 in cash from credit clients. 4. Paid $1,820 in cash for telephone service. 5. Sent a check for $10,400 in partial payment of the amount due creditors. 6. Paid salaries of $21,160 in cash. 7. Sent a check for $2,570 to pay electric bill. 8. Performed services for $25,800 in cash. 9. Paid $5,320 in cash for auto repairs. 10. Performed services for $27,600 on account. Enter the above transactions into the following accounting equations. Analyze: What is the amount of total assets after all transactions have been recorded? Beginning balances New balances New balances New balances New balances New balances New balances New balances New balances New balances New balances 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. $ Cash + + + (3,640) + + 27,600 + + (1,820) + + (10,400) + + (21,160) + + (2,570) + + 25,800 + + (5,320) + + + 152,490 + Accounts Receivable $ Assets 14,400 + + + + (27,600) + + + + + + + + + Office Furniture 27,600 + 51,400 + $ + + + 3,640 + + + + + + + + + + + + + + + + + 88,640 + $ Auto = = = = = = = = = = = = = = = = 55,000 = Liabilities + Accounts Payable + + + + + + + + + (10,400) + + + + + + + + + + + + C. Wilson Capital + + + + + + + + + + + + + + Owner's Equity Revenue 14,400 Expenses Carter Wilson 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. Cash Accounts receivable. Office furniture Auto Accounts payable Carter Wilson, Capital Revenue Expenses $144,000 37,000 85,000 55,000 30,600 214,500 131,600 55,700 TRANSACTIONS 1. Performed services for $14,400 on credit. 2. Paid $3,640 in cash for new office chairs. 3. Received $27,600 in cash from credit clients. 4. Paid $1,820 in cash for telephone service. 5. Sent a check for $10,400 in partial payment of the amount due creditors. 6. Paid salaries of $21,160 in cash. 7. Sent a check for $2,570 to pay electric bill. 8. Performed services for $25,800 in cash. 9. Paid $5,320 in cash for auto repairs. 10. Performed services for $27,600 on account. Enter the above transactions into the following accounting equations. Analyze: What is the amount of total assets after all transactions have been recorded? Beginning balances New balances New balances New balances New balances New balances New balances New balances New balances New balances New balances 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. $ Cash + + + (3,640) + + 27,600 + + (1,820) + + (10,400) + + (21,160) + + (2,570) + + 25,800 + + (5,320) + + + 152,490 + Accounts Receivable $ Assets 14,400 + + + + (27,600) + + + + + + + + + Office Furniture 27,600 + 51,400 + $ + + + 3,640 + + + + + + + + + + + + + + + + + 88,640 + $ Auto = = = = = = = = = = = = = = = = 55,000 = Liabilities + Accounts Payable + + + + + + + + + (10,400) + + + + + + + + + + + + C. Wilson Capital + + + + + + + + + + + + + + Owner's Equity Revenue 14,400 Expenses

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