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  • 1-m Mastery Problem Is - Taiji Karnjanapisan

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    1) The document shows the transactions for Peter Gentry's business over 8 periods that affect assets, liabilities, and owner's equity. 2) It began with $1,500 owner's equity, $2,500 in assets, and $1,300 in liabilities. Through various cash receipts and payments, the amounts for each category fluctuated. 3) By the final period, assets were $3,040, liabilities were $1,575, and owner's equity was $2,510, following the accounting equation that assets must equal liabilities plus owner's equity.

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    1-m mastery problem is - taiji karnjanapisan

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    1) The document shows the transactions for Peter Gentry's business over 8 periods that affect assets, liabilities, and owner's equity. 2) It began with $1,500 owner's equity, $2,500 in assets, and $1,300 in liabilities. Through various cash receipts and payments, the amounts for each category fluctuated. 3) By the final period, assets were $3,040, liabilities were $1,575, and owner's equity was $2,510, following the accounting equation that assets must equal liabilities plus owner's equity.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    463 views2 pages

    1-m Mastery Problem Is - Taiji Karnjanapisan

    Uploaded by

    api-327698017
    1) The document shows the transactions for Peter Gentry's business over 8 periods that affect assets, liabilities, and owner's equity. 2) It began with $1,500 owner's equity, $2,500 in assets, and $1,300 in liabilities. Through various cash receipts and payments, the amounts for each category fluctuated. 3) By the final period, assets were $3,040, liabilities were $1,575, and owner's equity was $2,510, following the accounting equation that assets must equal liabilities plus owner's equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    Trans.

    No
    Assets = Liabilities +
    Accts. Rec. - Prepaid Accts. Pay. -
    Cash Dr. Shepard Supplies Insurance Paws & Claws Co.
    Beg. Bal. 2,500 200 100 1,300
    1 -500
    New Bal. 2,000 0 200 100 1,300
    2 700
    New Bal. 2,700 0 200 100 1,300
    3 -75
    New Bal. 2,625 0 200 100 1,300
    4 1,050
    New Bal. 3,675 0 200 100 1,300
    5 275 275
    New Bal. 3,675 0 475 100 1,575
    6 285
    New Bal. 3,675 285 475 100 1,575
    7 -450
    New Bal. 3,225 285 475 100 1,575
    8 -185 185
    Final Bal. 3,040 285 660 100 1,575
    Owner's
    Equity
    Peter Gentry, Owner's
    Capital Assets = Liabilities + Equity
    1,500 4,085 = 1,575 + 2,510 < Insert Formula
    -500 4,085 = 4,085
    1,000
    700
    1,700
    -75
    1,625
    1,050
    2,675

    2,675
    285
    2,960
    -450
    2,510

    2,510

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