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During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effec indicated in the following schedule:
During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effec indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) Additional paid-in capital Required: $20,000 $84,000 $(7,000) $(5,000) $(9,000) 5,000 Dollar Effect of Each of the Six Transactions Ending 1 2 3 4 5 6 Balance $(6,000) 9,000 127,000 84,000 120,000 1,400 18,600 (6,000) 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7.
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