Question Details

Opened business by investing $20,000 in cash




1.	Using the following transactions, calculate (A) the ending balance of Cash, (B) the ending balance of Accounts Receivable, (C) total liabilities, and (D) net income for the period. For parts a and b, indicate whether each balance is debit or credit. 

a. Opened business by investing $20,000 in cash.
b. Billed customers for services rendered, $4,000.
c. Paid for six months' subscription in advance, $1,000.
d. Received advertising bill, to be paid next week, $200.
e. Withdrawals of $1,600 were made by the owner.   
f. Received $3,000 from customers billed in b.
g. Paid half of advertising bill.
h. Received $400 in advance of performing a service.



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