Scribd
Upload
7 views1 page

Seatwork 2

Anne's Cake House balance sheet as of January 31 shows total assets of 27,500 and total liabilities of 7,500, resulting in owner's equity of 20,000. In February, transactions included collecting accounts receivable, paying accounts payable and rent, borrowing from a bank, and purchasing supplies. The final balances reflect total assets of 22,500, total liabilities of 6,000, and owner's equity of 16,500.

Uploaded by

jiangjianyang0528
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
7 views1 page

Seatwork 2

Anne's Cake House balance sheet as of January 31 shows total assets of 27,500 and total liabilities of 7,500, resulting in owner's equity of 20,000. In February, transactions included collecting accounts receivable, paying accounts payable and rent, borrowing from a bank, and purchasing supplies. The final balances reflect total assets of 22,500, total liabilities of 6,000, and owner's equity of 16,500.

Uploaded by

jiangjianyang0528
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 1

NAME

Anne's Cake House was formed in January 1. On January 31, the balance sheet showed the following:
Cash 9,000.00
Accounts Receivable 2,000.00
Supplies 1,500.00
Equipment 15,000.00
Accounts Payable 5,500.00
Notes Payable 2,000.00
Capital 15,000.00
Income 5,000.00

During February, the following transactions occurred:

1 Collected Php1000 of accounts receivable


2 Paid accounts payable Php 2000
3 Paid rent Php3000
4 Received Php10000 from AZ Bank borrowed on a note payable
5 Purchased additional supplies for cash Php1000

Instructions: Prepare an analysis of the transactions using the expanded accounting equation in the template provided.
Get the balance of each account and then the total for assets, liabilities, and equity.
(For accounts that have negative effect, use (-) (e.g. -5000) and it will automatically be enclosed in parentheses.
ASSETS
ACCOUNTS ACCOUNTS LIABILITIES OWNER'S EQUITY
Starting CASH RECEIVABLE SUPPLIES EQUIPMENT PAYABLE NOTES PAYABLE CAPITAL INCOME EXPENSE
amount 9,000 2,000 1,500 5,000 1,500 10,000 10,000 5,000
1 1,000 (1,000)
2 (2,000) (2,000)
3 (3,000) 3,000
4 1,000 1,000
5 (1,000) 1,000
Balance 5,000 1,000 2,500 5,000 (500) 6,000 10,000 5,000 3,000
Total

You might also like