t accounts

The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. 0 000 UN 1 2 3 4 5 6 7 8 9 a. Received $50,000 cash from Lantana, the sole proprietor. b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder c. Bought $900 of supplies on account a. Purchased $10,000 of equipment paying cash. e. Paid $500 on account for supplies purchased in transaction (c). B D E 1 Cash 50,000 Supplies 900 C. 5,000 b, 10,000 500 e. 34,500 bal. 900 10 11 12 a 13 14 15 bal. 16 17 18b 19 20 bal. 21 22 Land 20,000 Equipment 10,000 d. 20.000 bal 10.000 Note Payable Accounts Payable 500 23 e 900 C 15,000 b. 400 bal. 15,000 bal. Lantana, Capital 24 25 26 27 28 29 30 31 50,000 a. 50.000 bal. 32 Required: 33 Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the T-account balances and 35 formulas to complete columns Cand H. 36 37 LANATANA COMPANY 38 Balance Sheet 39 At December 31 40 Assets Liabilities and Equity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 Long term Assets Longterm Llabilities 46 48 Total Long-term Assets Total Long-term Liabilities Total Liabilities Owners' Equity 9 BGB 50 51 52 Total Owners' Equity Total Liabilities and Equity 54 Total Assets