Basic Accounting
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Nov.1 Michael McBryan started the business depositing $80,000 in a company bank account.
by
Nov.3 Purchased land for $52,000, paying cash. Nov.5 Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. Nov.17 Purchased tools and equipment on account $13,800. Nov.20 Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. Nov.25 Received $600 in partial collection of the account receivable from the sale of tools. Nov.26 Paid $6,800 in partial payment of an account payable. Nov.30 Recorded $2,200 of sales revenue received in cash. Nov.30 Paid $1,400 of operating expenses in cash $200 for utilities and $1,200 for wages. Instruction: Show the effects of accounting equation.
these
transactions
From the desk of Muhammad Sajjada Shamim Ahmed October 23, 2007.
on
the
by
Nov.3 Purchased land for $52,000, paying cash. Nov.5 Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. Nov.17 Purchased tools and equipment on account $13,800. Nov.20 Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. Nov.25 Received $600 in partial collection of the account receivable from the sale of tools. Nov.26 Paid $6,800 in partial payment of an account payable. Nov.30 Recorded $2,200 of sales revenue received in cash. Nov.30 Paid $1,400 of operating expenses in cash $200 for utilities and $1,200 for wages. Instruction: Show the effects of accounting equation.
these
transactions
From the desk of Muhammad Sajjada Shamim Ahmed October 23, 2007.
on
the
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