make a balance sheet for accounts and balances Invest $40,000 in your own business Borrow an additional
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Question:
make a balance sheet for accounts and balances
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Invest $40,000 in your own business
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Borrow an additional $60,000 for five years to invest in the business.
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Buy office equipment for cash: $25,000 (useful for five years)
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Buy inventory of office supplies on account: $10,000
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Prepay rent on office space for one year: $18,000
Continued:
1. Use $1,000 of office supplies in creating first project
2. Pay employees $1,500 for work done on first project
3. Receive payment of $14,000 for first project: $7,000 cash and $7,000 on account.
4. Pay utility bill of $800 with cash.
5. Receive bill for installation of information system: $600, to be paid later.
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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