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Bonus: Zen Hatha opened a Yoga Studio and during a short period as a dealer completed these transactions (see below Transaction List): What was the
Bonus: Zen Hatha opened a Yoga Studio and during a short period as a dealer completed these transactions (see below Transaction List): What was the total of the debit balances shown in the trial balance prepared after these transactions were posted?
Transaction list:
(1) Started the yoga studio, Asha Yoga Studio, by investing $50,000 in cash and equipment with a $28,000 fair value. (2) Purchased land valued at $35,000 and a small building valued at $80,000; paid $30,000 cash and signed a note payable, agreeing to pay the balance over a period of years. (3) Purchased office supplies on credit, $100. Zen Hatha contributed his personal automobile, which had a $12,000 fair value, for exclusive use in the business. (5) Paid the yoga instructor salary, $500. (6) Completed monthly yoga classes for the value of $6,500 cash. (7) Paid $650 cash for a magazine advertisement. (8) Paid for the supplies purchased in transaction (3). (9) Purchased new yoga mats for the business, paying $300 cash. (10) Completed a yoga assessment and billed the client $400. (11) Zen Hatha withdrew $200 from the business to pay personal expenses. (12) Received payment in full for the appraisal of transactionStep by Step Solution
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