Question 02: Maxwell Communication was organized on December 01 of the current year and had the following account balances at December 31. listed in tabular form. Consider the opening balance given bellow. Assets Liabilities ) Equity Office Notes Account Capital Stock Building Equipment Payable o Payable Cash Land $37.000 125.000 95.000 10.000 20250 200.000 Early in January Maxwell Communication recorded following transactions: 1. Invest capital stock in the business $45,000 cash. 2. Purchased a land and building. Land amounted 55,000 and building amounted 45,000. Paid 40,000 in cash and signed a note payable of remaining amount 3. Obtain a loan and signed a note payable amounted 30,000 4. Paid 20,000 account payable due in January. 5. Returned office equipment of worth 5,000 in cash. Example to Complete the Question: Hint: Following is the Hint to solve the question: (Transaction 01) S45,000 invested in business Liabilities Office Notes Accounts Capital Assets Equity Stock Cash Land Building Equipment Payable Payable $37.000 51250 125.000 95.000 28250 200.000 KUS45.000 $45.000 Total) 12.000 1.250 125.000 9.000 10.000 21250 5245.000 Now for next entry total balance would become the opening balance and so on. *No need to perform this step after every transaction, perform it after completing the whole questions to confirm the balances of both the sides* Assets 51.250 125.000 Assets = 353,250 Liabilities & owner's Equity - 30.0002203245.000 Liabilities & owner's Equity = $353,250 Thus, Assets = Liabilities + Owners' Equity