Hello,

I need assistance on all four parts of this question since I do not understand some of the concepts. While I am pretty sure in Part A where the equation A = L + OE should be 26725 + 51500 = 78225, it does not count the answer as correct. I understood everything in Part D, but Part B and Part C were giving me difficulty. Thank you everyone for taking the time to help with this 4-part question I posted in the form of images.

The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Owner's Equity transactions relate to the primary purpose of the business. A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner's Equity Accounts Wages Payable Owner's Equity Cash Inventory Equipment Payable Withdrawals 1 $52,025 $52,025 2 (6,000) $6,000 3 $22,500 $22,500 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,450 (3,450) 8 3,200 3,200 9 175 (175) 10 (1,000) 1,000 Ending Balance $ 48,725 $ 6,000 $ 23,500 $ 23,275 $ 3,450 $ 51,500 $ 0 A = L + OE 78,225 26,725 78,225 X B. Create the Income Statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 Revenues $ 4,450 Expenses 0 X) Net Income X $ 4,450 X C. Create the Statement of Owner's Equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Cheesy Chuck's Classic Corn Statement of Owner's Equity For the Month Ended June 30, 2018 Chuck, Capital: June 1, 2018 $0 Increases: Investment by Owner 52,025 Revenues X 4,450 Total Increase 56,475 Decreases: Net Loss 0 Withdrawals by Owner $ 0 Total Decrease $ 0 Chuck, Capital: June 30, 2018 $ 53,175 X D. Create the Balance Sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Assets: Cash 48,725 Inventory 6,000 Equipment 23,500 Total Assets $ 78,225 Liabilities: Accounts Payable 23,275 Wages Payable 3,450 Total Liabilities 26,725 Owner's Equity 51,500 Total Liabilities and Owner's Equity 78,225