Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Halstead had the following transactions during the month of December : December 1 The owner contributed cash $35,000 and equipment $65,000 to the business .

Halstead had the following transactions during the month of December : December 1 The owner contributed cash $35,000 and equipment $65,000 to the business . December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600 . Halstead had the following transactions during the month of December : December 1 The owner contributed cash $35,000 and equipment $65,000 to the business . December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600 . Halstead had the following transactions during the month of December : December 1 The owner contributed cash $35,000 and equipment $65,000 to the business . December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600 . Halstead had the following transactions during the month of December : December 1 The owner contributed cash $35,000 and equipment $65,000 to the business . December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600 . Prepare a Balance Sheet for the above for December

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

Horngrens Financial & Managerial Accounting, The Managerial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136503616, 9780136503613

More Books

Students also viewed these Accounting questions