Put Your Name Here - Chapter 3 Assignment.xlsx
Question 1 ASSETS =LIABILITIES + OWNER'S EQUITY CashA/R D. MurrayBuildingEquipmentDelivery TruckBank LoanA/P Sparks Supply Co.M. Morin, Capital Beginning Balances Transaction 1 New Balances Transaction 2 New Balances Transaction 3 New Balances Transaction 4 New Balances Transaction 5 Totals Morin Appliance Store, located in Windsor, ON, is owned by Michelle Morin. On the morning of September 30, 20–, she has the following assets and liabilities: Cash $1600 A/R - D. Murray $800 Equipment $1310 Delivery Truck $10 800 Building $50 000 A/P - Sparks Supply Co. $3000 Bank Loan $27 500 Set up the assets, liabilities, and capital on the equation analysis sheet provided below Analyze the transactions of September 30, listed below, and record the necessary changes on the equation analysis sheet. Calculate new balances after each transaction. 12 MARKS (A) Transactions of September 30, 20– 1. Morin has a minor repair made on the delivery truck. She pays the bill for $300 immediately. 2. An old cash register, included in the Equipment at a value of $450, is sold for $150 cash. 3. Morin invests an additional $500 in her business. 4. A new cash register is purchased from Sparks Supply Co. for $785. A down payment of $250 is made. The balance of the purchase price will be paid later. 5. A bank loan payment of $350 is made. After completing the transactions, make sure the equation is still equal. Then prepare a new balance sheet in the space provided below 5 MARKS (A) Question 2 TransactionTotal AssetsTotal LiabilitiesOwner's Equity Example: A cash payment is made to Ace Supplies, a creditorDDNC A.A new desk for the office is purchased for cash from Equipment Supply Co. B.D. Rubin who owes the company a sum of money, makes a cash payment on his debt C.The business performs a service for a customer, J. Rothfels, who pays in full with cash D.The business purchases a new truck from Pine Motors and pays one-third of the cost in cash as a down payment E.Stationary and supplies are purchased from Angeloff's Stationers, but are not paid for at the time of purchase F.The owner, J. Lemaire, takes a sum of money from the business for his personal use G.Land is sold for cash at a price less than its cost H.$400 of supplies are purchased from Paper Servicentre, but not paid for Indicate the effect each of the following transactions has on the total assets, the total liabilities, or the equity, by writing I for an increase, D for a decrease, or NC for no change 24 Marks (T/I)