Answer:
Given:
Contributed $12,000 cash in exchange for capital,
Paid $1,000 for equipment to be used for plumbing repairs,
Borrowed $11,000 from a local bank and deposited the money in the checking account,
Paid $200 in rent for the year,
Paid $300 for plumbing supplies to be used on various jobs next year,
Completed a plumbing repair for a law firm and received $2,900,
The plumbing supplies of $ 300 are left at the end of the year.
<u><em>Total assets at the end of the first year = $25,700</em></u>
