On January 7, merchandise costing $1,000 was sold for $1,400, which was received in cash.

Change the following January 6 balance sheet so that it reports the financial condition on January 7.

Transcribed Image Text:

EVERGREEN MARKET Balance Sheet as of January 6 Assets Liabilities & Equity Cash. $45,800 Accounts Payable.... $ 4,000 Inventory. 8,500 Note Payable.. 10,000 Berg, Capital.. 40,000 Retained Earnings... 300 Total $54,300 Total $54,300