Homework SourseUse Taccounts to record the transactions below which occur o
Use T-accounts to record the transactions below, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer the question.
1. Pay $4,000 owed to a supplier 2. Issue $90,000 in stock 3. Buy $16,000 worth of manufacturing supplies on credit
What is the final amount in Total Equity?
Please specify your answer in the same units as the balance sheet
Solution
Solution:
Final amount of equity = $90,000
| Accounts Payable | |||
| Particulars | Debit | Particulars | Credit |
| To Cash | $4,000.00 | By Supplies | $16,000.00 |
| Ending Balance | $12,000.00 | ||
| Total | $16,000.00 | Total | $16,000.00 |
