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18 September, 18:16

Assets Liabilities and Owner's Equity Cash $ 15,000 Accounts Payable $ 4,750 Equipment $ 6,000 Owner's Equity: Investment $ 16,250 Total Assets $ 21,000 Total Liabilities and Owner's Equity $ 21,000 a. From cash purchase equipment for $1,000 b. Pay $3,000 from cash for accounts payable c. Take $750 cash for a salary. Enter the new figures (net changes) where appropriate.

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  1. 18 September, 19:23
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    final balance sheet

    Assets Liabilities and owner's equity

    Cash 10,250 Accounts payable 1,750

    Equipment 7,000 Owner's equity 15,500

    total 17,250 total 17,250

    Explanation:

    Initial balance sheet

    Assets Liabilities and owner's equity

    Cash 15,000 Accounts payable 4,750

    Equipment 6,000 Owner's equity 16,250

    A) then the company purchases equipment for $1,000 and pays cash

    Dr Equipment 1,000

    Cr Cash 1,000

    B) pays $3,000 of accounts payable using cash

    Dr Accounts payable 3,000

    Cr Cash 3,000

    C) set apart $750 for salaries

    Dr Salaries expense 750

    Cr Cash 750

    final balance sheet

    Assets Liabilities and owner's equity

    Cash 10,250 Accounts payable 1,750

    Equipment 7,000 Owner's equity 15,500

    total 17,250 total 17,250
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