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Analyze and find total of assets after all transactions have been recorded. And please check if all answers are correct on the second portion of
Analyze and find total of assets after all transactions have been recorded.
And please check if all answers are correct on the second portion of this problem.
4 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity 4 points Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses $61,000 16,600 35,808 23,508 11,288 91,500 58,600 24,400 eBook Print References TRANSACTIONS 1. Performed services for $6.680 on credit. 2. Paid $1,700 in cash for new office chairs 3. Recelved $11,200 in cash from credit clients 4. Paid $880 in cash for telephone service 5. Sent a check for $4,500 in partial payment of the amount due creditors 6. Paid salaries of $9,700 in cash. 7. Sent a check for $1.120 to pay electric bill 8. Performed services for $10,500 in cash. 9. Paid $2,350 in cash for auto repairs. 10. Performed services for $12,500 on account Enter the above transactions in to the following accounting equations. Analyze: What is the amount of total assets after all transactions have been recorded? Enter the above transactions in to the following accounting equations. (Enter decreases to account balances with a minus sign.) -Liabilities+ Accounts Owner's Equity Accounts Receivable Office Furniture H. Joseph Capital Auto + Revenue Expenses 35,800s 23,500s 91.500 s 16,8005 24.400 Beginning Balances 61,000+S 11,200 5 58,600-5 6,880 + 23,280+ 6,880- 35,800+ 1,700+ 37,500+ 11,200+ 91,500+ 65,280 24,400 New Balances 59,300+ 11,200+ 70,500 + (880)+ 69,820+ 4,500)+ 65,120+ 23,500 2. New Balances 91,500+ 65,280 23,280+ (11,200)+ 12,080+ 23,500 11,200 + 24,400 11,200+ 91,500+ New Balances 37,500+ 23,500- 65,280- 24,400 880 25,280 12,080+ 37,500+ 91,500+ 65,280 New Balances 23,500 11,200 + (4,500)+ 55,420+ 1,120)+ 54,300+ 10,500 + 12,080+ 91,500+ 65,280 New Balances 37,500+ 23,500- 25,280 9,700 34,980 12,080+ 37,500+ 6,700+ 91,500+ 65,280 23,500 12,080+ 91,500+ New Balances 37,500+ 23,500- 65,280- 10,500- 75,780 34,980 (2.350)+ 62,450+ 62,450+ 82,450$ 12,080+ 37,500+ 6,700+ 91,500+ New Balances 23,500 34,980 2,350 37,330 12,080+ 12,500 + 24580S 91,500+ New Balances 37,500+ 23,500- 75,780 12,500 88,2805 23,5005 91.5005 6.700 S 37,5005 37,330 New BalancesStep by Step Solution
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