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he items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets = Liabilities + Owners'

he items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form.

Assets = Liabilities + Owners' Equity
Cash + Accounts Receivable + Office Equipment + Trucks = Notes Payable + Accounts Payable + Capital Stock
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000

During a short period after December 31, Phillips Truck Rental had the following transactions.

Bought office equipment at a cost of $3,200. Paid cash.

Collected $5,700 of accounts receivable.

Paid $2,900 of accounts payable.

Borrowed $10,000 from a bank. Signed a note payable for that amount.

Purchased two trucks for $29,000. Paid $14,000 cash and signed a note payable for the balance.

Sold additional stock to investors for $97,000.

Required: b. Record the effects of each of the six transactions in the preceding tabular arrangement.(Enter decreases to accounts as a negative.)

Assets = Liabilities + Owners Equity
Cash + Accounts Receivable + Office Equipment + Trucks Notes Payable + Accounts Payable Capital Stock
December 31 balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
1.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
2.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
3.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
4.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
5.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
6.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000

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