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sugey communication has a balance at december 31cash    $37,000office equipment  $51,250building                   $125,000land                          95,000 Liabilitiesnote payables          $80,000accounts                  28,250 owners' equitycapital stock           200,000 early of january the following transation were carried out.1 sold capital stock to owner for $35,0002purchased land and equipment for total of 90,000, of which 35,000 was the value of the land and 55,000 the value of building. paid 22500 in cash and signed a note payable for the reamineng 67,5003. bought several computer system on credit for 9,500(30 day open account)4obtain a lon from capital  bank in the amount of 20,000. Signed a note payable.5. paid 22,250 account payable due as of decemeber 31I have record each transation and show the total.I did but I HAVE A DIFFERENCE BETWEEN MY ASSETS 184,000 AND LIABILITIES AND OWNERS EQUITY181,000

Question

sugey communication has a balance at december 31

cash    $37,000

office equipment  $51,250

building                   $125,000

land                          95,000

 

Liabilities

note payables          $80,000

accounts                  28,250

 

owners' equity

capital stock           200,000

 

early of january the following transation were carried out.

1 sold capital stock to owner for $35,000

2purchased land and equipment for total of 90,000, of which 35,000 was the value of the land and 55,000 the value of building. paid 22500 in cash and signed a note payable for the reamineng 67,500

3. bought several computer system on credit for 9,500(30 day open account)

4obtain a lon from capital  bank in the amount of 20,000. Signed a note payable.

5. paid 22,250 account payable due as of decemeber 31

I have record each transation and show the total.

I did but I HAVE A DIFFERENCE BETWEEN MY ASSETS 184,000 AND LIABILITIES AND OWNERS EQUITY181,000

check_circleAnswer
Step 1

Balance sheet

 

It is a part of the financial statements which shows any company’s standings with respect to its assets, liabilities and owners’ equity. It gives the information regarding what is owned and owed by the company, and the amount of investment made by the owners/shareholders. It helps in estimating the capital structure of the company. Every balance sheet has to follow the accounting equation:

 

Assets = Liabilities + Owners’ Equity

Step 2

The balance sheet as on December 31 shows the following records:

 

fullscreen
Step 3

The effect of transactions made in January will be as follows:

 

1.

 

Selling capital stock to owner worth $35,000

 

This amount will be added to capital stock under owners’ equity. The capital stock after this chan...

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