The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign.   Assets Liabilities Owner’s Equity     Cash Inventory Equipment AccountsPayable WagesPayable CommonStock RetainedEarnings 1 $50,000         $50,000   2 (6,000) $6,000           3     $25,000 $25,000       4 1,250           $1,250 5 (750)           (750) 6       600     (600) 7         $3,500   (3,500) 8 3,200           3,200 9       250     (250) 10 (1,000)   1,000         Ending Balance $ $ $ $ $ $ $     $   $       B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31   $       $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity For the Month Ended July 31   $         Ending Balance $ D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Assets:     $         Total Assets $ Liabilities:     $     Total Liabilities $ Owner’s Equity:     $     Total Owner’s Equity $ Total Liabilities and Owner’s Equity $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business.

A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

  Assets Liabilities Owner’s Equity  
  Cash Inventory Equipment Accounts
Payable
Wages
Payable
Common
Stock
Retained
Earnings
1 $50,000         $50,000  
2 (6,000) $6,000          
3     $25,000 $25,000      
4 1,250           $1,250
5 (750)           (750)
6       600     (600)
7         $3,500   (3,500)
8 3,200           3,200
9       250     (250)
10 (1,000)   1,000        
Ending Balance $ $ $ $ $ $ $
    $   $      

B. Create the income statement. Use minus sign to indicate the loss.

Pancake Palace
Income Statement
For the Month Ended July 31
  $
   
  $

C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Pancake Palace
Statement of Owner's Equity
For the Month Ended July 31
  $
   
   
Ending Balance $

D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Pancake Palace
Balance Sheet
July 31
Assets:  
  $
   
   
Total Assets $
Liabilities:  
  $
   
Total Liabilities $
Owner’s Equity:  
  $
   
Total Owner’s Equity $
Total Liabilities and Owner’s Equity $
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