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Problem 5 Natalie Ray's lodging business ( she is a sole proprietor ) had the following activity: She invested $ 5 0 , 0 0
Problem
Natalie Ray's lodging business she is a sole proprietor had the following activity:
She invested $ in the business.
The lodging business purchased a van, paying $ down and borrowing $
from the bank.
The business purchased operating supplies for $
The business prepaid $ for rent for the first month.
The business prepaid $ for insurance for the year.
The business purchased additional operating supplies on account from RM Wholesa le for $
The business purchased several pieces of equipment for $ cash.
Required:
Prepare a table similar to Table I and show the impact of these activities on the followin accounts:
Cash
Operating supplies
Prepaid insurance
Prepaid rent
Equipment
Van
Accounts payable
Bank load
Natalie Ray, Capital
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