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Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $1,900, on account
6 Sells a house and lot for N. Fennig; bills N. Fennig $3,200 for realty services provided.
27 Pays $850 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,500 in salary for October.
Journalize the transactions. (Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and
enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
V
V
PRINTER VERSION
4 BACK
NEXT
Question 1
At the beginning of the year, Gonzales Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions.
(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year?
Stockholders' equity
(b) During the year, total liabilities increased $100,000 and stockholders' equity decreased $70,000. What is the amount of total assets at the end of the year?
Total assets
(c) If total assets decreased $80,000 and stockholders' equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?
Total liabilities
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