Homework Answers
| Answer- 1 | |||||||
| Assets | = | Liabilities | |||||
| Cash | + | Accounts receivable | = | Liabilities | + | Stockholders Equity | |
| Jul-01 | $ 24,400 | = | $ 24,400 | ||||
| Jul-08 | - | $ 2,200 | - | $ 2,200 | |||
| Jul-11 | $ 22,200 | - | $ 22,200 | ||||
| Total | $ 22,200 | + | 0 | = | $ 22,200 | ||
| Answer- 2 | ||||||||||||
| Assets | Liabilities | Stockholder's equity | ||||||||||
| Allowance for | Retained earnings | |||||||||||
| Account receivable | - | Doubtful accounts | = | + | Common Stock | + | Revenue | - | Expense | |||
| Beg Bal | $ 330,500 | -5643 | ||||||||||
| Adj | -14187 | -14187 | Bad debt expense | |||||||||
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