The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. $($Answers should be in the format of $X$,$XXX$).$

Transactions

Assets

Liabilities

Owner$$s Equity

Cash

Inventory

Equipment

Accounts Payable

Wages Payable

Common Stock

Retained Earnings

$1$

$$50,000$

$$50,000$

$2$

$($$$6,000)$

$$6,000$

$3$

$$22,000$

$$22,000$

$4$

$$1,250$

$$1,250$

$5$

$($$$750)$

$($$$750)$

$6$

$$600$

$($$$600)$

$7$

$$3,000$

$($$$3,000)$

$8$

$$3,200$

$$3,200$

$9$

$$175$

$($$$175)$

$10$

$($$$1,000)$

$$1,000$

Ending Balance

$69,275$

$6,000$

$6,000$

$3,200$

$1,000$

$72,000$

Answer $1$:

You Answered$69,275$

Correct Answer

$$46,700$

Answer $2$:

You Answered$6,000$

Correct Answer

$$6,000$

Answer $3$:

You Answered$6,000$

Correct Answer

$$23,000$

Answer $4$:

You Answered$3,200$

Correct Answer

$$22,775$

Answer $5$:

You Answered$1,000$

Correct Answer

$$3,000$

Answer $6$:

You Answered$72,000$

Correct Answer

$$50,000$

Answer $7$:

You Answered$($You left this blank$)$

Correct Answer

$($$$75)$

Correct Answer

$$75$

Question $9$

$5/5$ pts

Forest Company had the following transactions during the month of December. What is the December $31$ cash balance?

given information

Correct!

$$6,090$

$$5,600$

$$2,390$

$$3,250$

Question $10$

$0/5$ pts

Using the given information create the statement of owner's equity. $($Answers should be formatted as: $x$,$xxx$,$ and $($$x$,$xxx$)$ for negative numbers.

Accounting Equation

Assets

Liabilities

Owner$$s Equity

Cash

Inventory

Equipment

Accounts Payable

Wages Payable

Common Stock

Retained Earnings

$1$

$$50,000$

$$50,000$

$2$

$($$$6,000)$

$$6,000$

$3$

$$22,000$

$$22,000$

$4$

$$1,250$

$$1,250$

$5$

$($$$750)$

$($$$750)$

$6$

$$600$

$($$$600)$

$7$

$$3,000$

$($$$3,000)$

$8$

$$3,200$

$$3,200$

$9$

$$175$

$($$$175)$

$10$

$($$$1,000)$

$$1,000$

Ending Balance

$$46,700$

$$6,000$

$$23,000$

$$22,775$

$$3,000$

$$50,000$

$($$$75)$

Statement of Owner's Equity

Beginning Balance

$0$

Sale of Common Stock

$50,000$

Retained Earnings

$75$

Ending Balance

$49,925$

Answer $1$:

You Answered$0$

Correct Answer

$$0$

Answer $2$:

You Answered$50,000$

Correct Answer

$$50,000$

Answer $3$:

You Answered$75$

Correct Answer

$($$$75)$

Answer $4$:

You Answered$49,925$

Correct Answer

$$49,925$

Question $11$

$4\mathrm{.}44/10$ pts

Using the given information create the Balance Sheet. $($Answers should be formatted as: $x$,$xxx$,$ and $($$x$,$xxx$)$ for negative numbers.

Accounting Equation

Assets

Liabilities

Owner$$s Equity

Cash

Inventory

Equipment

Accounts Payable

Wages Payable

Common Stock

Retained Earnings

$1$

$$50,000$

$$50,000$

$2$

$($$$6,000)$

$$6,000$

$3$

$$22,000$

$$22,000$

$4$

$$1,250$

$$1,250$

$5$

$($$$750)$

$($$$750)$

$6$

$$600$

$($$$600)$

$7$

$$3,000$

$($$$3,000)$

$8$

$$3,200$

$$3,200$

$9$

$$175$

$($$$175)$

$10$

$($$$1,000)$

$$1,000$

Ending Balance

$$46,700$

$$6,000$

$$23,000$

$$22,775$

$$3,000$

$$50,000$

$($$$75)$

Balance Sheet

Assets

Liabilities & Owner's Equity

Cash

$46,700$

Accounts Payable

$22,775$

Inventory

$6,000$

Wages Payable

$3,000$

Equipment

$23,000$

Total Liabilities

$25,775$

Common Stock

$50,000$

Retained Earnings

$75$

Total Equity

$49,925$

Total Assets

$75,700$

Total Liability and Owner$$s Equity

$75,700$

Answer $1$:

Correct!Cash

Correct Answer

cash

Answer $2$:

You Answered$46,700$

Correct Answer

$$46,700$

Answer $3$:

Correct!Accounts Payable

Correct Answer

accounts payable

Answer $4$:

Correct!$22,775$