so far. It does not i an unused field from a local farmer by paying $60,000 cash

Question

so far. It does not i an unused field from a local farmer by paying $60,000 cash. As a construction site for smaller projects, it is estimated to be $10,000, but the supplier gave J.K. Builders a 10 percent discount. JK. Builders has not yet received the $9,000 bill from the supplier $25,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two e One of the owners sold $10,000 worth of his common stock to another shareholder for $11000 60,000 (60.000) 10,000

Explanation / Answer

Assets Liabilities Stockholder's equity a. Cash                $ 70000 Common Stock             $ 70000 b. Land            $ 60000 Cash              ($60000) c. Supplies        $ 9000 Accounts payable          $ 9000 d. Cash             $25000 Bank Loan                      $ 25000 e. No effect No effect No effect Total 104000 34000 70000

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