Reference no: EM133147141
Question - Grant Appraisal Service provides commercial and industrial appraisals and feasibility studies. On January 1, the assets and liabilities of the business were the following:
Cash $11,700
Accounts Receivable 15,800
Accounts Payable 600
Notes Payable 3,500
Common Stock 18,400
Retained Earnings 5,000
The following transactions occurred during the month of January:
1. Paid rent for January, $950.
2. Received $8,800 payment on customers' accounts.
3. Paid $750 on accounts payable.
4. Received $2,500 for services performed for cash customers.
5. Borrowed $5,000 from a bank and signed a note payable for that amount.
6. Billed the city $6,200 for a feasibility study performed; billed various other credit customers, $1,900.
7. Paid the salary of an assistant, $3,500.
8. Received invoice for January utilities, $410.
9. Paid $6,000 cash for employee salaries.
10. Purchased a van (on January 31) for business use, $7,200.
11. Paid $150 to bank as January interest on the outstanding note payable.
Required -
(a) Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders' equity accounts: Cash, Accounts Receivable, Van, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings. Enter the January 1 balances below each item.
(b) Show the impact (increase or decrease) of transactions 1-11 on the beginning balances, and total the columns to show that assets equal liabilities plus stockholders' equity as of January 31.
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