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L 0 3 PROBLEM 2 . 4 B An Alternate Problem on Recording the Effects of Transactions The items making up the balance sheet of

L03 PROBLEM 2.4B
An Alternate Problem
on Recording the
Effects of Transactions
The items making up the balance sheet of Smith Trucking at December 31 are listed below in tabular form similar to the illustration of the accounting equation in Chapter 2 of the text.
\table[[,Assets,=,Liabilities,+,\table[[\table[[Owners'],[Equity]]],[Capital Stock]]],[,Cash,+,\table[[Accounts],[Receivable]],+,Trucks,+,\table[[Office],[Equipment]],=,\table[[Notes],[Payable]],+,\table[[Accounts],[Payable]],+],[Balances,$4,700,,$8,300,,$72,000,,$3,000,,$10,000,,$8,000,,$70,000
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