Fill in the missing amounts in the balance sheet after the following transactions. You start with $2,500 in cash and in owner's equity.

a. You purchase testing equipment for $815.

b. You purchace product for $500 and then sell it for $1750.00.

c. You receive next month's utility bill for $185.00.

d. You pay the rent by check for $300.

Question

Mathematics

Ivan Houston

20 January, 01:58

Fill in the missing amounts in the balance sheet after the following transactions. You start with $2,500 in cash and in owner's equity.

a. You purchase testing equipment for $815.

b. You purchace product for $500 and then sell it for $1750.00.

c. You receive next month's utility bill for $185.00.

d. You pay the rent by check for $300.

+5

Answers (1)

Know the Answer?

Francesca Hampton · Answer 1

Solution Provided

Step-by-step explanation:

a) Debit Credit

Equipment - 815

Bank 815

b)

COGS 500

Bank 500

Bank 1750

Sales 1750

c)

Accounts Payable 185

Utility Exp 185

d)

Rent 300

Bank 300

Extract of Balance Sheet

Non Current Assets

Equipment 815

Current Assets

Bank

(2500-815-500+1750-300) 2635

Current Liability

Accounts Payable 185

Equity 2500