Question: I need help with chapter one question in introduction to financial accounting 11 th edition by Horngren. The balances of each item in Melbourne Companys
I need help with chapter one question in introduction to financial accounting 11 th edition by Horngren.
The balances of each item in Melbourne Companys accounting equation are given next for November 1 and for each of the next 7 business days.
|
| Cash | Computer Inventory | Store Fixtures | Accounts Payable | Owners' Equity |
| Nov. 1 | $5,000 | $ 8,000 | $ 7,500 | $5,500 | $15,000 |
| 2 | 5,000 | 8,000 | 10,000 | 8,000 | 15,000 |
| 3 | 3,000 | 8,000 | 10,000 | 8,000 | 13,000 |
| 4 | 3,000 | 3,000 | 10,000 | 3,000 | 13,000 |
| 5 | 3,000 | 10,000 | 10,000 | 3,000 | 20,000 |
| 8 | 2,500 | 10,000 | 10,000 | 2,500 | 20,000 |
| 9 | 1,500 | 10,000 | 13,500 | 5,000 | 20,000 |
| 10 | 1,500 | 10,000 | 13,000 | 4,500 | 20,000 |
State briefly what you think took place on each of the 7 days beginning November 2, assuming that only one transaction occurred each day.
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