5. Financial Statements: The Balance Sheet content is Assets, Liabilities and Ow

Question

5. Financial Statements: The Balance Sheet content is Assets, Liabilities and Owner's Equity Tim's Home Remodeling has a beginning cash balance in the checking account of $12,300 a. and $36,000 in Building Materials. The Capital account has a $48,300 beginning balance. b. Tim receives a $50,000 loan from the bank. C. Tim purchases a portable table saw for $1,450. d. Tim contributes a truck worth $12,600 to the business. e. Tim completes a remodeling job charging $41,600. He incurred $32,400 in material costs for the remodel. f. Tim takes a draw of $2,000 from the business g. Tim purchases some supplies on open account from the lumber yard for $240.

Explanation / Answer

S.no Particular Debit Credit b Cash $50,000.00 Loan $50,000.00 c Furniture A/c $1,450.00 Cash A/c $1,450.00 d Truck $12,600.00 Capital $12,600.00 e Accounts Receivable $41,600.00 Service Revenue $41,600.00 COGS $32,400.00 Inventory $32,400.00 f Drawings $2,000.00 Cash $2,000.00 g Supplies $240.00 Accounts Payable $240.00

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