ACCT-1A Week 1 Assignment Help | Cabrillo College
- Cabrillo College / ACCT-1A
- 03 Mar 2021
- Price: $8
- Accounting & Economics Assignment Help / Accounting basics
ACCT-1A Week 1 Assignment Help | Cabrillo College
Question 1
Using the concept of
accounting equation, compute missing figures from the following:
1. Assets = $50,000, Liabilities =
$20,000, Owner’s equity = ?
2. Assets = ?, Liabilities = $10,000,
Owner’s equity = $15,000
3. Assets = $60,000, Liabilities =?,
Owner’s equity = $40,000
4. Assets = ?, Liabilities + Owner’s
equity = $150,000
Question 2
Mr. John started a
T-shirts business to be known as “John T-shirts”. He performed following
transactions during the first month of operations:
1. Mr. John invested a capital of $15,000
into his business.
2. Acquired a building for $5,000 cash for
business use.
3. Bought furniture for $1,500 cash for
business use.
4. Purchased T-shirts from a manufacturer
for $3,000 cash.
5. Sold T- shirts for $1,000 cash, the
cost of those T-shirts were $700.
6. Purchased T-shirts for $2,000 on
credit.
7. Sold T-shirts for $800 on credit, the
cost of those shirts were $550.
8. Paid $1,000 cash to his payables.
9. Collected $800 cash from his
receivables.
10. The shirts costing $100 were stolen by
someone.
11. Mr. John paid $150 cash for telephone
bill.
12. Borrowed money amounting to $5,000 from
City Bank for business purpose.
Required: Explain how
each of the above transactions impacts the accounting equation of John
T-shirts.
USA 
India