FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The balance sheet items of The Original Malt Shop (arranged in alphabetical order) were as fol-
lows at the close of business on September 30, 2001:
PROBLEM 2.8
Preparing Financial Statements:
Effects of Business Transactions
LO 4, 5, 6
Accounts Payable
$ 8,500
Land
$55,000
Accounts Receivable
1,250
Kay Martin, Capital
54,090
Building..
45,500
Notes Payable
Cash..
7,400
Supplies
3,440
Furniture and Fixtures
20,000
The transactions occurring during the first week of October were:
Oct. 3
Martin invested an additional $30,000 cash in the business. The accounts payable
were paid in full. (No payment was made on the notes payablc.)
More furniture was purchased on account at a cost of $18,000, to be paid within 30
days. Supplies were purchased for $1.000 cash from a restaurant supply center that
was going out of business. These supplies would have cost $1.875 if purchased un-
der normal circumstances.
Oct. 6
Oct. 1-6
Revenues of $5.500 were earmed and paid in cash. Expenses required to eam the
revenues of $4,000 were incurred and paid in cash.
Instructions
a. Prepare a balance sheet at September 30, 2001. (You will need to compute the missing figure
for Notes Payable.)
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