{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T10:09:28-04:00", "answer_date": "2024-05-26 10:09:28", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1734123", "url": "\/study-help\/questions\/part-b-answer-all-questions-20-marks-financial-balances-for-1734123", "question_creation_date_js": "2024-05-26T10:09:28-04:00", "question_creation_date": "May 26, 2024 10:09 AM", "meta_title": "[Solved] PART B: Answer all questions (20 marks) F | SolutionInn", "meta_description": "Answer of - PART B: Answer all questions (20 marks) Financial balances for Tom's business on 30 June 20X3 are given below: ASSETS | SolutionInn", "meta_keywords": "part,answer,questions,20,marks,financial,balances,tom,s,business,30,june", "question_title_h1": " PART B: Answer all questions (20 marks) Financial balances for Tom's business on 30 June 20X3 are given below: ASSETS LIABILITIES Cash 20,000 Account", "question_title": " PART B: Answer all questions (20 marks) Financial balances for Tom's", "question_title_for_js_snippet": "PART B Answer all questions (20 marks) Financial balances for Tom's business on 30 June 20X3 are given below ASSETS LIABILITIES Cash 20,000 Account Payable 6,063 Account Receivable 33,125 Loan 21,875 Inventory 2,500 OWNERS EQUITY Equipment 49,688 Capital 77,375 Total Assets 105,313 Total Liabilities Owners Equity 105,313 During the month of July 20X3, the following transactions occurred 1 Paid $4,720 on account payable 2 Collected $14,800 of the account receivable 3 Purchased equipment for $12,400, paid $3,000 in cash and signed a loan agreement for the balance 4 Billed customers for services completed, $11,640 5 Purchased supplies on credit $680 6 Paid cash for advertising expense $1,200 rent $4,000 and wages $4,100 7 Collected $13,500 of the accounts receivables 8 The owner withdrew $1,200 for personal use 9 Received $200 electricity bill to be paid in August 20X3 REQUIRED (a) Record each business transaction, using the accounting equation format (15 marks) (b) Prepare a Statement of Financial Position for the month of July (5 marks)", "question_description": "\"image", "transcribed_text": "PART B: Answer all questions (20 marks) Financial balances for Tom's business on 30 June 20X3 are given below: ASSETS LIABILITIES Cash 20,000 Account Payable 6,063 Account Receivable 33,125 Loan 21,875 Inventory 2,500 OWNERS EQUITY Equipment 49,688 Capital 77,375 Total Assets 105,313 Total Liabilities & Owners Equity 105,313 During the month of July 20X3, the following transactions occurred: 1. Paid $4,720 on account payable. 2. Collected $14,800 of the account receivable. 3. Purchased equipment for $12,400, paid $3,000 in cash and signed a loan agreement for the balance. 4. Billed customers for services completed, $11,640. 5. Purchased supplies on credit $680. 6. Paid cash for advertising expense $1,200; rent $4,000 and wages $4,100. 7. Collected $13,500 of the accounts receivables. 8. The owner withdrew $1,200 for personal use. 9. Received $200 electricity bill to be paid in August 20X3. REQUIRED: (a) Record each business transaction, using the accounting equation format (15 marks) (b) Prepare a Statement of Financial Position for the month of July.(5 marks)", "related_book": { "title": "Accounting", "isbn": "978-0324662962", "edition": "23rd Edition", "authors": "Jonathan E. Duchac, James M. Reeve, Carl S. Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/46.jpg", "uri": "\/textbooks\/accounting-23rd-edition-46", "see_more_uri": "" }, "free_related_book": { "isbn": "0451225740", "uri": "\/textbooks\/the-cat-the-quilt-and-the-corpse-a-cats-in-trouble-mystery-1st-edition-978-0451225740-106155", "name": "The Cat The Quilt And The Corpse A Cats In Trouble Mystery", "edition": "" }, "question_posted": "2024-05-26 10:09:28", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/solid-conducting-cylinder-of-radius-0.1-m-and-mass", "description": "A solid conducting cylinder of radius 0.1 m and mass of 4 kg rests on horizontal conducting rails (Figure). 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