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2 years ago

Problem 1. At September 1, the balance sheet accounts for Stanley’s Restaurant were as follows:

Social Studies

1 answer:

torisob [31]2 years ago

5 0

The balance sheet for September 3rd has been given below.

<h3>How to write the balance sheet </h3>

Trial Balance : Sep 1

Account Title Debit Credit

Accounts Payable 3800

Accounts receivable 1600

Buildings 68000

Cash 10000

Equipment 18700

Land 33000

Common Stock: (137900-3800-48000) 86100

Notes Payable 48000

Supplies 6600

Total 137900 137900

Journal Entries Sep 3

Account Title & Explanation Debit Credit

Cash 22000

Common Stock 22000

(Being Shares Issued)

Account Title & Explanation Debit Credit

Accounts Payable 3800

Cash 3800

Balance Sheet as on Sep 3

Current Assets

Accounts receivable 1600

Cash: (10000+22000-3800) 28200

Supplies 6600

Total Current Assets (A) 36400

Non Current Assets

Buildings 68000

Equipment 18700

Land 33000

Total Non Current Assets (B) 119700

Total Assets (A+B) 156100

Current Liabilities

Accounts Payable: 3800-3800 0

Notes Payable 48000

Stock Holder's Equity

Common Stock: 86100+22000 108100

Total Liabilities and Stockholder's Equity 156100

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