2. Use the accounting equation to find the missing balance: (4)

1. Assets $103,000; Liabilities $33,000; Common Shares -- ?; Retained Earnings $7,000.
2. Assets -- ?; Liabilities $55,000; Common Shares $1,500,000; Retained Earnings $4,000.

3. Create Journal Entries for the following: (3)

1. XYZ buys $150,500 of new equipment on credit from Stores Ltd.
2. XYZ pays off $43,500 of accounts payable.
3. XYZ collected cash $10,525 from the debtor Bain & Co. Ltd.

4. Calculate the missing information in the following table: (5)

Case	Beginning Inventory	Purchases	Cost of Goods Sold	Ending inventory (perpetual system)	Ending inventory (counted)	Shrinkage
A	$100	$700	$300	?	$420	?
B	$200	$800	?	$150	$150	?