A Account for transaction 3 and calculate the end of month b

A) Account for transaction #3 and calculate the end of month balance below. Transaction #3: The Company pays $500 cash for rent cost. #2 Transaction #3 End of Month Balance Assets #1 10000 -1000 Cash Office Supplies Land 1000 Liabilities Accounts Payable Owner\'s Equity 10000 B) Using the accounting above, create a balance sheet below

Solution

Assets #1 #2 #3 End of month balance Cash 10000 -1000 -500 8500 Office supplies 1000 1000 Land 0 Liabilities Accounts payable 0 Owners equity 10000 -500 9500 Balance sheet Assets Cash 8500 Office supplies 1000 Land 0 Total 9500 Liabilities Accounts payable Owners equity 9500 Total 9500