The balance in accounts payable on 1/1 was $5,000. The balance in the Equipment account was...
The balance in accounts payable on 1/1 was $5,000. The balance in the Equipment account was $10,000. The company purchased new equipment on account for 1,000. Please show the balances in each of the accounts as a result of the sale. Use T accounts.
Homework Answers
| Account Payable | |||
| Debit | Credit | ||
| Beg Balance | $5,000 | ||
| Ending Bal | $6,000 | Equipment | $1,000 |
| $6,000 | $6,000 | ||
| Equipment | |||
| Debit | Credit | ||
| Beg Balance | $10,000 | ||
| Account Payable | $1,000 | Ending Bal | $11,000 |
| $11,000 | $11,000 | ||
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The balance in accounts payable on 1/1 was $5,000. The balance
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Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts
Payable, $17,000; Owner’s Equity, $43,000. The Cash account balance
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cannot be determined from the data given.
$25,000.
$43,000.
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