The Greenley Company had the following transactions in July: a. Paid $18,000 cash for rent for the

Question:

The Greenley Company had the following transactions in July:

a. Paid $18,000 cash for rent for the next 6 months on July1.

b. Paid $2,000 cash for supplies on July3.

c. Paid $4,000 cash for an advertisement in the next day’s New York Times on July 10.

d. Paid $8,000 cash for a training program for employees on July 17. The training was completed in July.

Show the effects on the balance sheet equation in two phases—at acquisition and on expiration at the end of the month of acquisition. Show all amounts in thousands.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...