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TOTAL ASSETS $_____________ = TOTAL LIABILITIES AND OWNER’S EQUITY $____________ A. Elvis Li opened a business...

TOTAL ASSETS $_____________ = TOTAL LIABILITIES AND OWNER’S EQUITY $____________

A. Elvis Li opened a business bank account for his cleaning supplies company on March 1 with a deposit of $10,000.

B. Elvis Li Cleaning Supplies Co. sold $1,900 supplies to its customers on account. Cost of supplies sold was $1,200.

C. Elvis Li Cleaning Supplies Co. bought inventory for $10,000 on account suppliers on March 7.

D. Elvis Li Cleaning Supplies Co. sold inventory on account to customers on March 15 for $3,000. Cost of supplies sold was $2,500.

E. Elvis Li Cleaning Supplies Co. paid trucking fee of $500 in cash on March 16 to deliver goods to customers.

F. Elvis Li withdrew $4,000 cash from the company for personal use on March 29.

G. Company paid March trucking fee of $3,000 in cash on March 29.


H. On March 30, Elvis Li invested $5,000 more of his own cash in Elvis Li Cleaning Supplies Co.

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