How hard is prep for ACT?
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The new balance for cash is $8700 while the owner's equity is $16000.
- The main points to note in the form will be explained. It should be noted that the beginning balance was the cash of $10000 that was received from the owner as an investment.
- The assets include the addition of the cash, accounts receivable from Ashley computers, supplies, and prepaid insurance.
- The liabilities include the account payable to Conrad supplies. The owner's equity is the capital of Courtney Celeste.
In conclusion, kindly check the attachment for further understanding.
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