During its first month of operations ending January 31, 2022, Cuppor International completed the transactions on...

Transcribed Image Text:

During its first month of operations ending January 31, 2022, Cuppor International completed the transactions on the schedule shown below. Required: 1. Complete the chart by recording the ending balances in each account. 2. Use the account balances to create a Classified Balance Sheet for January 31, 2022. Account Cash Notes Receivable (short term) Inventory 3 Prepaid Rent 4 Equipment 5 Land 16 Accounts Payable 17 Notes Payable 18 Common Stock 19 Additional Paid-in Capital $ 50,000 1,000 49,000 $ $ 12,000 12,000 Dollar Effect on Transactions 4 (10,000) $ $ (7,000) $ 7,000 $ 10,000 $ $ 70,000 70,000 $ (22.000) $ 22,000 Ending Balance During its first month of operations ending January 31, 2022, Cuppor International completed the transactions on the schedule shown below. Required: 1. Complete the chart by recording the ending balances in each account. 2. Use the account balances to create a Classified Balance Sheet for January 31, 2022. Account Cash Notes Receivable (short term) Inventory 3 Prepaid Rent 4 Equipment 5 Land 16 Accounts Payable 17 Notes Payable 18 Common Stock 19 Additional Paid-in Capital $ 50,000 1,000 49,000 $ $ 12,000 12,000 Dollar Effect on Transactions 4 (10,000) $ $ (7,000) $ 7,000 $ 10,000 $ $ 70,000 70,000 $ (22.000) $ 22,000 Ending Balance

Answer rating: 100% (QA)

Ending Balances Cash500007000100002200011000 balance sheet mo... View the full answer