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4 years ago

Analyzing the Effects of Transactions Using T-Accounts

Business

1 answer:

Amiraneli [1.4K]4 years ago

5 0

Answer:

Laser Delivery Services, Inc. (LDS)

Analyzing the Effects of Transactions Using T-Accounts:

Cash

Date Accounts Titles Debit Credit

a. Common Stock $40,000

c. Delivery Truck $2,000

d. Delivery Truck 2,000

Balance 36,000

Common Stock

Date Accounts Titles Debit Credit

a. Cash $40,000

Land

Date Accounts Titles Debit Credit

b. Note Payable $12,000

Note Payable

Date Accounts Titles Debit Credit

b. Land $12,000

c. Delivery Truck 18,000

Balance $30,000

Delivery Trucks

Date Accounts Titles Debit Credit

c. Cash $2,000

Note Payable 18,000

d. Cash 2,000

Balance $22,000

2. Classified Balance Sheet as of December 31, 2010:

Assets:

Cash $36,000

Land 12,000

Delivery trucks 22,000 $34,000

Total assets $70,000

Liabilities + Equity:

Notes Payable 30,000

Common Stock $40,000

Total liabilities + Equity $70,000

Explanation:

a) Trial Balance

Cash $36,000

Land 12,000

Delivery trucks 22,000

Common Stock $40,000

Notes Payable 30,000

Totals $70,000 $70,000

b) Business transactions affect the accounting equation (assets = liabilities + equity) by increasing or decreasing the two sides equally. This means that the accounting equation is always in balance before and after every transaction.

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