Question
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets,
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity.
Cash$60,700Accounts Receivable16,300Office Furniture35,500Auto23,200Accounts Payable10,900Harold Joseph, Capital91,200Revenue57,700Expenses24,100
TRANSACTIONS
- Performed services for $6,650 on credit.
- Paid $1,670 in cash for new office chairs.
- Received $10,900 in cash from credit clients.
- Paid $850 in cash for telephone service.
- Sent a check for $3,900 in partial payment of the amount due creditors.
- Paid salaries of $9,400 in cash.
- Sent a check for $1,090 to pay electric bill.
PerfHarold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity.
Cash$60,700Accounts Receivable16,300Office Furniture35,500Auto23,200Accounts Payable10,900Harold Joseph, Capital91,200Revenue57,700Expenses24,100
TRANSACTIONS
- Performed services for $6,650 on credit.
- Paid $1,670 in cash for new office chairs.
- Received $10,900 in cash from credit clients.
- Paid $850 in cash for telephone service.
- Sent a check for $3,900 in partial payment of the amount due creditors.
- Paid salaries of $9,400 in cash.
- Sent a check for $1,090 to pay electric bill.
- Performed services for $10,200 in cash.
- Paid $2,320 in cash for auto repairs.
- Performed services for $12,200 on account.
Enter the above transactions in to the following accounting equations.
Analyze:
- What is the amount of total assets after all transactions have been recorded?vormed services for $10,200 in cash.
- Paid $2,320 in cash for auto repairs.
- Performed services for $12,200 on account.
Enter the above transactions in to the following accounting equations.
Analyze:
What is the amount of total assets after all transactions have been recorded?
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