Homework Answers
Answer
Beginning Balance in Total assets on Jan 1 = $425000
Additional transaction during the period
> Equipment = $3000
Journal entry
Dr. Equipment $3000; Cr. Note Payable $3000
Here equipment, which is assets is increased by $3000, and Note payable, which is current liabilities is increase sames amount.
> Supplies $1750
* It is current assets, entry
Dr. Supplies $1750; Cr. Cash $1750
Here the supplies are increase and cash, also current assets decrease, so there is no effect in totaal assets
>sold land cost $7500,
entry:
Dr. Cash $7500; Cr. Land $7500
Here Cash are increased by $7500, and same amount are decreased in land, which is assets account by $7500, so thre is no effect in total assets
>Additional storage are rented at next month onwards, so no effect in assets.
.Effect in total assets
| Beginning Balance in Total assets on Jan 1 | $425000 |
| Add: Equipment | 3000 |
| Add: Supplies | 1750 |
| Less: Cash | -1750 |
| Less: Land | -7500 |
| Add: Cash | 7500 |
| Ending Balance in Total assets on Jan 31 | $428000 |
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