Question: What would be the ending balance from problem 9-26? What would be an appropriate balance sheet for cash for the first fiscal year using 9-26?

What would be the ending balance from problem 9-26?

What would be an appropriate balance sheet for cash for the first fiscal year using 9-26?

What would be the ending balance from problem
9-23. For each of the transactions below, record whether it would result in an increase or decrease in assets and/ or liabilities. An organization and the principal does not have to be paid back for 2 years. 1. purchases supplies with cash. 2. purchases supplies on account. 2. CASH signed a contract with a local carpenter 3. takes out a loan. to build a fence to enclose the back yard. The carpenter charges $250 per hour and expects the 4. repays loan principal. fence to take 10 hours to complete. He expects to 5. receives payment on a pledge. begin work next month. 6. makes a payment on an amount it owes. 3. CASH bought 50 bags of dog food and 25 bags of 7. prepays for insurance. cat food. Dog food costs $20 per bag, while cat 8. pays employee wages that were earned by the food costs $30 per bag. The pet food was bought on credit (i.e., CASH has not yet paid for the supplies). employees. 4. CASH bought a sign to hang in front of its 9. begins using office space with a 10-year lease for building. The sign cost $5,000 and CASH paid for the property. it when it was received. 5. CASH purchased and received an office computer, 9-24. Which of the following results in a financial server, printer, and copier. The total cost of the transaction for an organization? An organization equipment was $10,000, half of which was paid 1. verbally agrees to a lease contract for office space and the other half was still owed. 6. Show the impact of these transactions on the with the landlord. fundamental equation of accounting. (Optional: 2. signs a contract to lease office space for 1 year. Show journal entries using debits and credits. See 3. makes a deposit on the office space. Appendix 9-A.) 9-25. Martha Engel started up a new nonprofit organization 9-26. Because CASH is a new organization the opening named Concern for Animal Shelter and Habitats balances for all accounts were $0. Record the (CASH). The organization places homeless animals transactions from Problem 9-24 in a worksheet in permanent homes. Transactions during the first similar to Exhibit 9-4. month of operations were as follows: 9-27. Use the ending balances from Problem 9-26 to prepare 1. CASH borrowed $50,000 from a local bank. No a balance sheet for CASH for the first fiscal year. interest is due on the loan during the first month

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