BAF3M1 - Assignment #1 Analyze the following transactions for Josh Goddard, and prove that the equation still balances.

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Baf3m1 Assignment 1 Analyze The Following Transactions For Josh Goddard And Prove That The Equation Still Balances 1 (175.45 KiB) Viewed 99 times

BAF3M1 - Assignment #1 Analyze the following transactions for Josh Goddard, and prove that the equation still balances. Transactions: 1) Purchased automotive equipment from Standard Products at a cost of $9,000. Paid $2,000 cash at the time of purchase, and the balance was to be paid at a later date. 2) Paid $500 cash to reduce the bank loan. 3) The owner invested an additional $2,000 in his business. 4) Received $3 000 cash for services performed during the month. 5) Sold an old truck (which is included in the Truck figure at a value of $2,000) for $2,500 cash. 6) Paid Standard Products $3,500. 7) Repaired a car for Z. Perkins and charged her $200, to be paid later. 8) Paid $300 cash to have some auto equipment repaired. 9) R. Puri, who owes the business $6,000, makes a cash payment of $2,000 on his debt. ASSETS LIABILITIES A/R- Perkins 3,000 Cash 8,000 A/R- Puri 6,000 OWNER'S EQUITY J. Goddard, Capital 36,000 Trucks 24,000 A/P - Standard 8,000 Equip. 15,000 Bank Loan 12,000 Beginning Balances Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 7 Transaction 8 Transaction 9 Totals