Reference no: EM133127761
Question - Jessica is the owner of the small shop. On 12/31/2021, Cash-$2000, Accounts Receivable-$1000, Supplies-$5000, Equipment-$15000, Accounts Payable-$3400, Capital-$19600.
Business transaction for 1st quarter of 2020 were as follows:
1. Paid $500 of the outstanding accounts payable.
2. Received $300 on account from customer.
3. Returned a defective equipment and received a cash refund of $1200.
4. Purchased equipment for $800, giving $200 cash and promising to pay the balance in 30 days.
5. Bought supplies paying $5006.Received $300 check from customer on account.
Required -
1. Record business transactions listed above.
2. Verify the balance of the equation. Notice that every business transaction has a minimum of two changes.
3. Calculate the new total balances on March, 31st.
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