Following are the balance sheet accounts of a small business: Cash..................................................... $ 5,000 Accounts Payable................................ ? Equipment...........................................

Question:

Following are the accounts of a small business:
Cash..................................................... $ 5,000
Accounts Payable................................ ?
Equipment........................................... 10,400
Supplies............................................... ?
Land.................................................... 16,400
Owner’s Equity................................... 18,000
Notes Payable..................................... 10,800
Required:
(a) Fill in the missing amounts, assuming that the business has total assets of $36,000.
(b) Fill in the missing amounts, assuming that the business has total liabilities and owner’s equity of $39,800.
(c) Prepare a trial balance assuming the information in part (a).
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...