Royal Gulf Oil Company was recently formed. The balance of each item in the company's accounting equation
Question:
Royal Gulf Oil Company was recently formed. The balance of each item in the company's accounting equation follows for April 4 and for each of the nine business days given: Bu ar (C Cash Accounts Receivable Supplies Accounts Owner's Land Payable Equity Apr. 4 $2,000 9 6,000 $7,000 3,000 $ 800 $11,000 $3,800 $17.000 800 11.000 3.800 17.000 14 4,000 3,000 800 11,000 1.800 17.000 17 4,000 3,000 1.100 11,000 2.100 17.000 19 5,000 3.000 1.100 11.000 2.100 18.000 20 3,900 3,000 1,100. 11,000 1,000 18.000 22 9,900 3.000 1.100 5,000 1.000 18.000 25 9,900 3,700 400 5.000 1.000 18.000 26 9,300 3.700 1.000 5,000 1.000 18,000 28 4.200 3.700 1.000 5.000 1.000 12.900 Required Assuming that a single transaction took place on each day, describe briefly the transaction that most likely occurred on each day, beginning with April 9. Indicate which accounts were increased or decreased and by what amount. No revenue or expense transactions occurred on these dates.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones