Assignment 3.

The local homeless shelter had the following transactions. Summarize the transactions using the accounting equation.

Transaction A. Utility bills were paid using cash and totaled $1,345.

Transaction B. The provides a subsidy of $1 for each breakfast provided by the shelter. A bill was generated and delivered to the city for 6000 eligible meals.

Transaction C. Volunteers and staff will be painting the inside of he shelter this weekend. Supplies were purchased on credit from local hardware store, and the total cost was $1,500.

Transaction D. Cash was used to pay the credit debit on the paint and supplies.

What are the total in the accounting equation after these transactions?

What are the ending balance on the balance sheet in the shelter has the following beginning balances: assets = $20,000; labilities = $5000 net assets = $15,000?