Hi, can you please help me with the following question. the balance sheet on December 31, 2015 consisted the accounts. assets cash $25,000, account receivable $75,000, supplies $20,000, building $100,000 equipment $10,000 totals $230,000 the liabilities accounts and notes payable $50,000 mortgage payable $75000 capital $30,000 profit $7000 totals $230,000

the following transactions occurred

#1 the building belongs to Jack Knock not to the company, because he operates the business from the building he decide to include it with the company's assets. he also decides to include the mortgage payable as part of the company's liabilities. #2 jack is planning to purchase equipment in two months.. he will make a down payment of $4000 immediately and pay the balance in 60 days jack has reduced cash by $4000 and increase accounts payable by $11,000 as he considers the purchase to be a done deal but he did not record the equipment. #3 jack purchased supplies on sale for $10.000 to be kept in inventory. by December 31, 2015 the supplies were selling for $15000. Jack recorded the supplies at $15,000 as that is the current value of the supplies. #4 jack combined $20000 of accounts payable and $30,000 of note payable as he considers them both payable, #5 the balance in the capital account is the amount jack invested January 1, 2014 #6 jack paid a $2400 insurance policy on December 31, 2015 to cover all of 2016. He did not include it in the 2015 balance sheet as if is for 2016, #7 jack's brother lent him $20,000 to assist with the business cash flow and told Jack to repay him when Jack can. Jack did not record it as there was no fixed date for repayment. #8 when Jack first prepared the balance sheet he had assets of $230,000 and liability and owner's equity of $155,000. Jack thought the difference was the amount of profit he made fo