The items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets – Liabilities + Whats ‘ Equity
Accounts Off ice Notes Accounts
Cash + Rncnivahl? + Equipment + Trucks – Payable + Paynh la + Capital Stock
Balances $9,500 $13,900 $3,000 $00,000 $20,000 $10,200 $65,000 During a short period after December 31. Phillips Truck Rental had the following transactions.
1
2
3
4.
5
6 Required:
b. Record the effects of each of the six transactions in the preceding tabular arrangement. {Enter decreases to accounts as a
negative} 1.
Sale noes
2.
Bala noes
3.
Sale noes
4.
Bala noes
5.
Sale noes
6. Sale noes December 31 bala noes $ 0.500 $ 0.500 $ 0.500 $ $ $ 0.500 $ 13.900 0 13.900 $ 13.900 0 13.900 $ 13.900 $ 13.900 $ 13.900 Bought office equipment at a cost of $2,800. Paid cash.
Collected $5.300 of accounts receivable.
Paid $2.600 of accounts payable. Borrowed $20,000 from a bank. Signed a note payable for that amount.
Purchased two trucks for $31,000. Paid $15,000 cash and signed a note payable for the balance.
Sold additional stock to investors for $89,000. $ 3.000 $ 3.000 0 3.000 $ 3.000 $ 3.000 $ 3.000 $ 60.000 0 03.000 $ 60.000 0 03.000 $ 60.000 $ 60.000 $ 60.000 $ 20.000 0 20.000 $ 20.000 0 20.000 $ 20.000 $ 20.000 $ 20.000 $ 10.200 0 10.200 $ 10.200 0 10.200 $ 10.200 $ 10.200 $ 10.200 $ 65.000 $ 65.000 $ 65.000 0 65.000 $ 65.000 $ 65.000 $ 65.000