Harold Joseph is a painting contractor who specializes in painting commercial bu

Question

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.
   Cash $ 59,800 Accounts Receivable 15,400 Office Furniture 34,600 Auto 22,300 Accounts Payable 10,000 Harold Joseph, Capital 90,300 Revenue 55,000 Expenses 23,200
TRANSACTIONS Performed services for $6,700 on credit. Paid $1,720 in cash for new office chairs. Received $11,400 in cash from credit clients. Paid $900 in cash for telephone service. Sent a check for $4,900 in partial payment of the amount due creditors. Paid salaries of $8,500 in cash. Sent a check for $1,140 to pay electric bill. Performed services for $10,700 in cash. Paid $2,370 in cash for auto repairs. Performed services for $12,700 on account. Enter the above transactions in to the following accounting equations.
Analyze: What is the amount of total assets after all transactions have been recorded Verizon 11:10 AM newconnect.mheducation.com C Week 1 Assignment Accounting Analyze 2 Equation Enter the above trar 5 points Cash + Beginning Balances eBook New Balances References 2 New Balances New Balances 4 New Balances New Balances Mc Graw Hill

Explanation / Answer

Asset at beginning :59800+15400+34600+22300=132100

-900 cash

Total asset at end = beginning +change during the year

= 132100 +12290

= 144390

Increase/ (decrease) in asset during the year a +6700 Accounts receivable b 0               [-1720 cash & 1720 office chairs] c 0              [11400 cash & -11400 accounts receivable] d

-900 cash

e -4900 f -8500 g -1140 h 10700 i -2370 j 12700 Total change 12290

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