Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Download and complete a Transaction Analysis Sheet for the Giants Softball Company for the transactions below. When the Transaction Analysis Sheet is finished, complete an

image text in transcribed
image text in transcribed
Download and complete a Transaction Analysis Sheet for the Giants Softball Company for the transactions below. When the Transaction Analysis Sheet is finished, complete an updated Balance Sheet (for December 31, 20XX) using the balances obtained after the transactions have been verified. You will also need to use the Balance Sheet template to complete this assignment. You can find it in Activity 3. The Asset accounts will include: cash, accounts receivable, computer, supplies, equipment, and truck. The Liability accounts will include: accounts payable. The Owner's Equity account will include Manning, Capital. Here are the transactions: E. Manning invests $6,000 into the Giants Softball Company. The owner buys the business a new computer (valued at $1,200) with the company's money. Supplies costing $950 are purchased for cash from the Sport Store. A set of bats (Sporting Equipment) is purchased from Bats 'N' Gloves for $3,000 cash. A tournament is set up by the Giants Softball Company. For this service, the company receives $15,000 cash now and the remaining $15,000 later. Giants Softball Company purchases a new batting cage from Sport Store valued at $8,000. Giants Softball Company gives a cash down payment of $4,000 and the remainder of the balance is to be paid at a later date. Here are the transactions: E. Manning invests $6,000 into the Giants Softball Company. The owner buys the business a new computer (valued at $1,200) with the company's money. Supplies costing $950 are purchased for cash from the Sport Store. A set of bats (Sporting Equipment) is purchased from Bats 'N' Gloves for $3,000 cash. A tournament is set up by the Giants Softball Company. For this service, the company receives $15,000 cash now and the remaining $15,000 later. Giants Softball Company purchases a new batting cage from Sport Store valued at $8,000. Giants Softball Company gives a cash down payment of $4,000 and the remainder of the balance is to be paid at a later date. Giants Softball Company buys a truck for $10,000 cash. Giants Softball receives the remaining $15,000 owed to them (see previous transaction). Giants Softball pays the $4,000 owed on the batting cage (see previous transaction)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

1118334329, 978-1118334324

More Books

Students also viewed these Accounting questions

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago

Question

6. Identify characteristics of whiteness.

Answered: 1 week ago

Question

e. What are notable achievements of the group?

Answered: 1 week ago