Balance Sheet Rewritten
Rewrite the balance sheet given below to reflect decisions labeled a, b, c.
| Assets | Liabilities and Owner’s Equity | ||
| Cash | $ 15,000 | Accounts Payable | $ 4,750 |
| Equipment | $ 6,000 | Owner’s Equity: Investment | $ 16,250 |
| Total Assets | $ 21,000 | Total Liabilities and Owner’s Equity | $ 21,000 |
a. From cash purchase equipment for $1,000
b. Pay $3,000 from cash for accounts payable
c. Take $750 cash for a salary.
Enter the new figures (net changes) where appropriate.
| Assets | Liabilities and Owner’s Equity | ||
| Cash | $ a0 | Accounts Payable | $ a1 |
| Equipment | $ a2 | Owner’s Equity: Investment | $ a3 |
| Total Assets | $ 17,250 | Total Liabilities and Owner’s Equity | $ 17,250 |
