Using the information in PA6, determine the amount of revenue and expenses for Olivia’s Apple Orchard for the month of September.

Data from in PA6

Olivia’s Apple Orchard had the following transactions during the month of September, the first month in business.

Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: Negative amounts should be indicated with minus signs (–) and unaffected should be noted as $0.

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Transaction Amount owed for land purchase Apple sales: cash Apple sales: credit Collections of credit sales Cash purchase of equipment Owner investments Wages expenses paid Fuel expenses paid Amount owed for utility expense Current totals Amount Asset $50,000 $50,000 3,000 6,000 4,000 10,000 25,000 6,000 400 1,000 ? ? ? ? ? ? ? ? $50,000 Liability $50,000 ? ? ? ? ? ? ? ? $50,000 Owner's Equity $0 ? ? ? ? ? ? ? ? $0