Paid-in capital: 189000 Notes payable: 21000 Cash: 22000 Accounts payable: 16000 Merchandise inventory: 29000 Machinery and equipment: 20000 Furniture and fixtures: 8000 Land: 41000 Building: 230000 Long-term debt payable: 124000 On the following day, November 30, these transactions and events ocurred: These transactions and events ocurred: 1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance. 2. Paid $6000 on accounts. 3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land. 4. The remaining land was valued at $240000 by professional appraisers. 5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year. Prepare a balance sheet. You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.
Paid-in capital: 189000 Notes payable: 21000 Cash: 22000 Accounts payable: 16000 Merchandise inventory: 29000 Machinery and equipment: 20000 Furniture and fixtures: 8000 Land: 41000 Building: 230000 Long-term debt payable: 124000 On the following day, November 30, these transactions and events ocurred: These transactions and events ocurred: 1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance. 2. Paid $6000 on accounts. 3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land. 4. The remaining land was valued at $240000 by professional appraisers. 5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year. Prepare a balance sheet. You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 17DQ
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Paid-in capital: 189000
Notes payable: 21000
Cash: 22000
Accounts payable: 16000
Merchandise inventory: 29000
Machinery and equipment: 20000
Furniture and fixtures: 8000
Land: 41000
Building: 230000
Long-term debt payable: 124000
On the following day, November 30, these transactions and events ocurred:
These transactions and events ocurred:
1. Purchased machinery for $13000, paying $3000 in cash and signing a 90-day note for the balance.
2. Paid $6000 on accounts.
3. Sold some land that was not needed for cash of $6000, which was the company's acquisition cost of the land.
4. The remaining land was valued at $240000 by professional appraisers.
5. Issued capital stock as payment for $23000 of the long-term debt, that is, debt due beyond 1 year.
Prepare a
You can find attached the balance template where I need the balance in case it helps, but what I mainly want to know is which account moves and how (increases or decreases) in every 1-5 steps.
Transcribed Image Text:Autoguardado
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