Question
After a company's first week of operation, its accounting system showed the following information. Calculate the company's total expenses. Total Resources Sources of Borrowed Resources
After a company's first week of operation, its accounting system showed the following information. Calculate the company's total expenses.
Total Resources | Sources of Borrowed Resources | Sources of Owner Invested Resources | Sources of Management Generated Resources | ||||
Assets | Liabilities | Stockholders' Equity | |||||
Event | Cash | Accounts Receivable | Supplies | Accounts Payable | Common Stock | Retained Earnings | |
Owner's cash investment | + $6,000 | + $6,000 | |||||
Service provided to customers | + $1,200 | + $1,200 | |||||
Supplies purchased | + $900 | + $900 | |||||
Service provided to customers | + $1,000 | + $1,000 | |||||
Cash partial payment for supplies previously purchased on account | - $500 | - $500 | |||||
Supplies used | - $400 | - $400 | |||||
Dividends paid to owners | - $100 | - $100 | |||||
Balance | $6,600 | $1,000 | $500 | $400 | $6,000 | $1,700 |
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