September 1, 2020
Assets
Cash
$50,000
Equity
P. Bryant, capital
50,000
_______
_______
Total Assets
$50,000
Total Liabilities and Equity
$50,000
Tide Company
Balance Sheet
September 5, 2020
Assets
Liabilities
Cash
$40,000
Land
5,000
Notes payable
25,000
Building
10,000
Total Liabilities
25,000
Trucks
10,000
Equity
P. Bryant, capital
40,000
_______
_______
Total Assets
$65,000
Total Liabilities and Equity
$65,000
Tide Company
Balance Sheet
September 9, 2020
Assets
Liabilities
Cash
$40,000
Accounts Payable
$3,000
Office Supplies
3,000
Notes payable
25,000
Land
5,000
Total Liabilities
28,000
Building
10,000
Trucks
10,000
Equity
P. Bryant, capital
40,000
________
_______
Total Assets
$68,000
Total Liabilities and Equity
$68,000
Tide Company
Balance Sheet
September 11, 2020
Assets
Liabilities
Cash
$36,000
Accounts Payable
$3,000
Office Supplies
3,000
Notes payable
15,000
Land
5,000
Total Liabilities
18,000
Building
10,000
Trucks
10,000
Equity
Office Furniture
4,000
P. Bryant, capital
50,000
______
___________
Total Assets
$68,000
Total Liabilities and Equity
$68,000
Tide Company
Balance Sheet
September 15, 2020
Assets
Liabilities
Cash
$26,000
Accounts Payable
$3,000
Office Supplies
3,000
Notes payable
5,000
Land
5,000
Total Liabilities
8,000
Building
10,000
Trucks
10,000
Equity
Office Furniture
4,000
P. Bryant, capital
50,000
___________
___________
Total Assets
$58,000
Total Liabilities and Equity
$58,000
Required:
Describe the nature of each of the five transactions that took place during the month of September.
Sept
1
5
9
11
15
Sept
1
Owner invested $50,000 cash in the company.
5
Land, building and trucks were purchased for $10,000 cash plus a $25,000 note payable
9
Office supplies were purchased for $3,000 on account.
11
Office furniture was purchased for $4,000 cash.
15
$10,000 of the note payable was paid.
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Medium
Learning Objective: 01-07 Analyze business transactions by applying the accounting equation.
Topic: 01-27 Balance Sheet
230. Prepare a balance sheet in good form for the Logitech Trucking Company from the following alphabetical list of the accounts at September 30, 2020:
Logitech Trucking Company
Accounts receivable
5,000
Accounts payable
8,000
Building
10,000
Cash
3,000
Notes payable
20,000
Office equipment
3,000
P. Dersch, capital
?
Trucks
45,000
Logitech Trucking Company
Balance Sheet
September 30, 2020
Assets
Liabilities
Cash
$3,000
Accounts payable
$8,000
Accounts receivable
5,000
Notes payable
20,000
Office equipment
3,000
Total Liabilities
28,000
Building
10,000
Equity
Trucks
45,000
P. Dersch, capital
38,000
___________
___________
Total Assets
$66,000
Total Liabilities and Equity
$66,000
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Medium
Learning Objective: 01-08 Prepare financial statements reflecting business transactions.