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15 July, 12:30

Fill in the missing amounts in the balance sheet after the following transactions. You start with $2,500 in cash and in owner's equity.

a. You purchase testing equipment for $815.

b. You purchace product for $500 and then sell it for $1750.00.

c. You receive next month's utility bill for $185.00.

d. You pay the rent by check for $300.

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Answers (1)
  1. 15 July, 13:30
    0
    Solution Provided

    Step-by-step explanation:

    a) Debit Credit

    Equipment - 815

    Bank 815

    b)

    COGS 500

    Bank 500

    Bank 1750

    Sales 1750

    c)

    Accounts Payable 185

    Utility Exp 185

    d)

    Rent 300

    Bank 300

    Extract of Balance Sheet

    Non Current Assets

    Equipment 815

    Current Assets

    Bank

    (2500-815-500+1750-300) 2635

    Current Liability

    Accounts Payable 185

    Equity 2500
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