Maurice Dickey is a painting contractor who specializes in painting commercial b
ID: 2566311 • Letter: M
Question
Maurice Dickey is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.
Enter the above transactions in to the following accounting equations. (Enter decreases to account balances with a minus sign.)
What is the amount of total assets after all transactions have been recorded?
Maurice Dickey is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.
Explanation / Answer
1) Entering of the given transactions in the Balance sheet equation :
Cash
$60,600
Acc.Rec
$16,200
Off.furn
$35,400
Auto
$23,100
Acc.Pay
$10,800
Capital
$91,100
Revenue
$57,400
-Expenses
-$24,000
2) Calculation of Amount of total assets :
Cash
$60,600
Acc.Rec
$16,200
Off.furn
$35,400
Auto
$23,100
=Acc.Pay
$10,800
Capital
$91,100
Revenue
$57,400
-Expenses
-$24,000
+$6,640 +$6,640 -$1,660 +$1,660 +$10,800 -$10,800 -$840 -$840 -$3,700 -$3,700 -$9,300 -$9,300 -$1,080 -$1,080 +$10,100 +$10,100 -$2,310 -$2,310 +$12,100 +$12,100