In: Accounting
On July 1, Tommy Wrigley established Wrigley Home Appraisal
Services, a firm that provides expert residential appraisals and
represents clients in-home appraisal hearings.
TRANSACTIONS
Record in equation forms the changes that occur in assets,
liabilities, and owner’s equity for the above transactions.
Analyze:
What is the ending balance of cash after all transactions have been
recorded?
Assets | = | Liabilities | + | Owner's Equity | |||||||
Transactions | Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Owner's Capital |
1. | + | + | + | = | + | ||||||
2. | + | + | + | = | + | ||||||
3. | + | + | + | = | + | ||||||
4. | + | + | + | = | + | ||||||
5. | + | + | + | = | + | ||||||
6. | + | + | + | = | + | ||||||
7. | + | + | + | = | + | ||||||
8. | + | + | + | = | + | ||||||
9. | + | + | + | = | + | ||||||
10. | + | + | + | = | + | ||||||
11. | + | + | + | = | + | ||||||
Totals | $0 | + | $0 | + | $0 | + | $0 | = | $0 | + | $0 |
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Tommy Wrigley | Asset | = | Liabilities | Owner's Equity | |||||||
Transactions | Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Owner's Capital |
1 | 91,000.00 | + | + | + | = | + | 91,000.00 | ||||
2 | (18,550.00) | + | + | + | 18,550.00 | = | + | ||||
3 | + | + | + | 14,800.00 | = | 14,800.00 | + | ||||
4 | (10,600.00) | + | + | + | = | (10,600.00) | + | ||||
5 | 24,000.00 | + | + | + | = | + | 24,000.00 | ||||
6 | 7,000.00 | + | + | + | = | + | 7,000.00 | ||||
7 | + | 6,700.00 | + | + | = | + | 6,700.00 | ||||
8 | (2,800.00) | + | + | + | = | + | (2,800.00) | ||||
9 | 2,300.00 | + | (2,300.00) | + | + | = | + | ||||
10 | (5,260.00) | + | + | 5,260.00 | + | = | + | ||||
11 | (7,800.00) | + | + | + | = | + | (7,800.00) | ||||
Total | 79,290.00 | 4,400.00 | 5,260.00 | 33,350.00 | 4,200.00 | 118,100.00 |
The ending balance of cash after all transactions have been recorded is $ 79,290. |