Question

he items making up the balance sheet of Phillips Truck Rental at December 31 are listed...

he items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form.

Assets = Liabilities + Owners' Equity
Cash + Accounts Receivable + Office Equipment + Trucks = Notes Payable + Accounts Payable + Capital Stock
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000

During a short period after December 31, Phillips Truck Rental had the following transactions.

Bought office equipment at a cost of $3,200. Paid cash.

Collected $5,700 of accounts receivable.

Paid $2,900 of accounts payable.

Borrowed $10,000 from a bank. Signed a note payable for that amount.

Purchased two trucks for $29,000. Paid $14,000 cash and signed a note payable for the balance.

Sold additional stock to investors for $97,000.


Required:
b. Record the effects of each of the six transactions in the preceding tabular arrangement.(Enter decreases to accounts as a negative.)

Assets = Liabilities + Owners’ Equity
Cash + Accounts Receivable + Office Equipment + Trucks Notes Payable + Accounts Payable Capital Stock
December 31 balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
1.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
2.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
3.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
4.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
5.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
6.
Balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
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Homework Answers

Answer #1
Assets Liabilities + Owners’ Equity
Cash + Accounts Receivable + Office Equipment + Trucks = Notes Payable + Accounts Payable Capital Stock
December 31 balances $9,500 $13,900 $3,800 $68,000 $20,000 $10,200 $65,000
1 -3200 3200
Balances $6,300 $13,900 $7,000 $68,000 $20,000 $10,200 $65,000
2 5700 -5700
Balances $12,000 $8,200 $7,000 $68,000 $20,000 $10,200 $65,000
3 -2900 -2900
Balances $9,100 $8,200 $7,000 $68,000 $20,000 $7,300 $65,000
4 10000 10000
Balances $19,100 $8,200 $7,000 $68,000 $30,000 $7,300 $65,000
5 -14000 29000 15000
Balances $5,100 $8,200 $7,000 $97,000 $45,000 $7,300 $65,000
6 97000 97000
Balances $102,100 $8,200 $7,000 $97,000 $45,000 $7,300 $162,000
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