Briefly state what happened on each of these days. Radloffs Furniture Company, w
ID: 2573342 • Letter: B
Question
Briefly state what happened on each of these days.
Radloffs Furniture Company, which was recently formed, is engaging in some preliminary transactions before beginning full-scale operations for retailing household furnishings. The balances of each item in the company's accounting equation are given next for May 1 and for each of the next 9 business days Cash Furniture Inventory Store Fixtures Accounts Payable Owners' Equity May 1 S5,000 $18,000 $2,000 S 3,000 $22,000 11,000 18,000 2,000 3,000 28,000 11,000 18,000 6,000 3,000 32,000 4 8,000 21,000 6,000 3,000 32,000 8,000 27,000 6,000 9,000 32,000 6 11,000 27,000 3,000 9,000 32,000 7 6,000 27,000 9,000 10,000 32,000 8 4,000 27,000 9,000 8,000 32,000 4,000 26,600 9,000 7,600 32,000 10 1,000 26,600 9,000 7,600 29,000Explanation / Answer
DATE
TRANSACTIONS
DATE
CASH
FURNITURE INVENTORY
STORES FIXTURES
ACCOUNTS PAYABLE
OWNER’S EQUITY
May 1
$ 5,000
18,000
2,000
3,000
22,000
Introduction of additional capital $ 6,000
2
$ 6,000
0
0
0
6,000
Accounting Equation
$ 11,000
18,000
2,000
3,000
28,000
Introduction of additional fixtures and stores $ 4,000
3
4000
4000
Accounting Equation
$ 11,000
18,000
6,000
3,000
32,000
Purchase of Furniture inventory $ 3,000
4
-3000
+3000
0
0
0
Accounting Equation
$ 8,000
21,000
6,000
3,000
32,000
Purchase of Furniture inventory $ 3,000 on account or on credit
5
6,000
6,000
Accounting Equation
$ 8,000
27,000
6,000
9,000
32,000
Sale of stores fixtures
6
3,000
0
-3,000
0
0
Accounting Equation
$ 11,000
27,000
3,000
9,000
32,000
Purchase of stores fixtures for $ 6000 and paid $ 5000 in cash
7
-5,000
0
6,000
1,000
0
Accounting Equation
$ 6,000
27,000
9,000
10,000
32,000
Paid accounts payables $ 2,000
8
-2,000
0
0
-2,000
0
Accounting Equation
$ 4,000
27,000
9,000
8,000
32,000
$ 400 Furniture is given to accounts payables
9
0
-400
0
-400
0
Accounting Equation
$ 4,000
26,600
9,000
7,600
32,000
Cash withdrawn by owners for personal use,
10
$ 3,000
$ 3,000
Accounting Equation
$ 4,000
26,600
9,000
7,600
32,000
Cash withdrawn by owners for personal use,
10
$ 3,000
26,600
9,000
7,600
$ 3,000
Accounting Equation
$1,000
26,600
9,000
7,600
$ 29,000
DATE
TRANSACTIONS
DATE
CASH
FURNITURE INVENTORY
STORES FIXTURES
ACCOUNTS PAYABLE
OWNER’S EQUITY
May 1
$ 5,000
18,000
2,000
3,000
22,000
Introduction of additional capital $ 6,000
2
$ 6,000
0
0
0
6,000
Accounting Equation
$ 11,000
18,000
2,000
3,000
28,000
Introduction of additional fixtures and stores $ 4,000
3
4000
4000
Accounting Equation
$ 11,000
18,000
6,000
3,000
32,000
Purchase of Furniture inventory $ 3,000
4
-3000
+3000
0
0
0
Accounting Equation
$ 8,000
21,000
6,000
3,000
32,000
Purchase of Furniture inventory $ 3,000 on account or on credit
5
6,000
6,000
Accounting Equation
$ 8,000
27,000
6,000
9,000
32,000
Sale of stores fixtures
6
3,000
0
-3,000
0
0
Accounting Equation
$ 11,000
27,000
3,000
9,000
32,000
Purchase of stores fixtures for $ 6000 and paid $ 5000 in cash
7
-5,000
0
6,000
1,000
0
Accounting Equation
$ 6,000
27,000
9,000
10,000
32,000
Paid accounts payables $ 2,000
8
-2,000
0
0
-2,000
0
Accounting Equation
$ 4,000
27,000
9,000
8,000
32,000
$ 400 Furniture is given to accounts payables
9
0
-400
0
-400
0
Accounting Equation
$ 4,000
26,600
9,000
7,600
32,000
Cash withdrawn by owners for personal use,
10
$ 3,000
$ 3,000
Accounting Equation
$ 4,000
26,600
9,000
7,600
32,000
Cash withdrawn by owners for personal use,
10
$ 3,000
26,600
9,000
7,600
$ 3,000
Accounting Equation
$1,000
26,600
9,000
7,600
$ 29,000
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