Record the following transactions following the format we used in the lecture. Each transaction has its own row. Do not total up the account balances after each transaction. Put a + or - to indicate if the amount is an increase or decrease, respectively. Use commas for thousands and millions. If an account is not used, put a 0 in the cell. You'll need to tab over to get to cells at far right. I did the first transaction for you.
a. The owner invested $10,000 cash in the business.
b. The company buys equipment on account for $15,000.
c. The company provides services to a customer on account. The sales price is $5,000.
d. The company collects $3,000 of the sale from c. above.
e. The company purchases merchandise for cash of $3,000.
f. The company pays $7,000 of the amount owed from b. above.
Assets = Lic Cash A/R Equipment A/P Inventory o a. +10,000 0 0 o b. d. The company collects $3,000 of the sale from c. above. e. The company purchases merchandise for cash of $3,000. f. The company pays $7,000 of the amount owed from b. above. Assets = Lii Cash A/R Inventory Equipment A/P a. +10,000 0 0 0 o b. C. d. e. f. above. f $3,000. from b. above. = Liab. + Reven. cory Equipment A/P + Equity Owner's Capital +10,000 Revenue 0 0