You have been asked by your friend Forest to assist with keeping track of the assets, liabilities and components of equity of his newly created business called Gump Company You will do this using the worksheet below. Update the table for the following transactions for the month of January, 2013. Record all cash dividends and expenses as ?negative amounts?, as these two component decrease equity. When you are done updating the table for the transactions, calculate the ending total assets, total liabilities and total equity of the company as of January 31. Make sure that the calculated total assets equal the calculated total liabilities plus equity.

Jan 1. Forest contributed $50,000 cash to the business in exchange for its common stock.

Jan 4. Forest used $20,000 cash to purchase a truck for the business.

Jan 5. Forest purchased supplies costing $1,000 on credit. He will pay for the supplies within 30 days.

Jan 6. Forest hired his friend Lt. Dan to assist with the business.

Jan 8. Forest purchased some lawn equipment costing $10,000. He paid $4,000 cash for the equipment on this date and agreed to pay the balance of $6,000 within 45 days.

Jan 10. Forest and Lt Dan provided $6,000 of lawn maintenance and other services to a customer for cash.

Jan 12. Forest and Lt Dan sold $4,000 of lawn maintenance services to another customer on account or on credit. The customer will pay Gump Co the money within 30 days.

Jan 15. Forest pays Lt Dan wages of $2,000 with cash.

Jan 28. Forest pays for the supplies that he purchased on credit on Jan 5.

Jan 29. A $500 cash dividend was paid to Forest.

Jan 30. Forest pays Jan rent of $3,000, utilities of $1,000 and additional wages to Lt Dan of $2,000 with cash.

ASSETS = LIAB + EQUITY

Lawn

Cash AR Supplies Equip Truck AP Comm Stock (Dividends) Rev (Expenses)

Jan 1

Jan 4

Jan 5

Jan 6

Jan 8

Jan 10

Jan 12

Jan 15

Jan 28

Jan 29

Jan 30

Totals 22,500

Note: I calculated the correct total for the cash column above. Make sure you include totals for all of the columns.

As of January 31 - total assets $___________, Total liabilities were $_________ and total equity $___________ (A = L + E)

P2. You have been asked by your friend Forest to assist with keeping track of the assets, liabilities and components of equity of his newly created business called Gump Company You will do this using the worksheet below. Update the table for the following transactions for the month of January, 2013. Record all cash dividends and expenses as \"negative amounts\