Use T-accounts to record the transactions below, which occur on March 12, 2021, close the T-accounts, and construct a balance sheet to answer the question. 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Total Assets

The final amount in Total Assets is:

= $156,000.

Explanation:

a) Data and Analysis:

1. Cash $80,000 Common Stock $80,000

2. Cash $65,000 Bank Loan Payable $65,000

3. Cash $12,000 Accounts receivable $12,000

4. Accounts payable $6,000 Cash $6,000

5. Manufacturing supplies $17,000 Accounts payable $17,000

T-accounts

Cash

Account Titles               Debit     Credit

1. Common Stock        $80,000

2. Bank Loan Payable   65,000

3. Accounts receivable 12,000

4. Accounts payable                  $6,000

Balance                                   $151,000

Manufacturing supplies

Account Titles             Debit     Credit

5. Accounts payable $17,000

Common Stock

Account Titles         Debit     Credit

1. Cash                               $80,000

Bank Loan Payable

Account Titles         Debit     Credit

2. Cash                               $65,000

Accounts receivable

Account Titles           Debit     Credit

3. Cash                                  $12,000

Accounts payable

Account Titles            Debit     Credit

4. Cash                      $6,000

5. Manufacturing supplies    $17,000

Balance                    $11,000

Cash                                $151,000

Manufacturing supplies     17,000

Common stock                                 $80,000

Bank loan payable                             65,000

Accounts receivable                           12,000

Accounts payable                                11,000

Total                              $168,000  $168,000

Balance Sheet:

Assets:

Cash                                $151,000

Manufacturing supplies     17,000

Accounts receivable         (12,000)

Total assets                   $156,000

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