Part 1The stockholders' equity of Gorsky Company at the beginning and end of 20212021 totaled $ 118,000$118,000 and $ 136,000$136,000, respectively. Assets at the beginning of 20212021 were $ 154,000$154,000. If the liabilities of Gorsky Company increased by $ 67,000$67,000 in 20212021, how much were total assets at the end of 20212021? Use the accounting equation. Part 1 A.$ 69,000 $ 69,000$69,000 B.$ 239,000 $ 239,000$239,000 C.$ 221,000 $ 221,000$221,000 D.$ 223,000 $ 223,000$223,000Single choice
A
A. $ 69,000
B
B. $ 239,000
C
C. $ 221,000
D
D. $ 223,000
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Olivia Zheng opened Happy House Consulting and provides services to customers in Oakleigh. The following transactions occurred during January 2022. January 3 Commenced business with $10,000 cash, equipment valued $20,000 and the furniture and fittings of $8,000 7 Paid rent expense, $9,600 8 Purchased supplies on credit from Quick Buy Ltd for $2,000. 10 Provided services to customers - cash fees, $13,000 11 Returned faulty supplies to Quick Buy Ltd, received a credit note for $200 15 Borrowed loan from ANB Bank $20,000 – due 2023 17 Paid wages to the part-time assistant - $450 19 Performed $1,500 services on account 19 Paid $1,800 to accounts payable. 20 Purchased $2,500 computer on credit. 28 Received $1,000 from accounts receivable. 29 Jones withdrew $800 cash and supplies of $200 for personal use. REQUIRED: Analyse the above transaction by using the accounting equation. (NOTE: Complete the transaction analysis by clicking on the dropdown list of each box and selecting the appropriate amount. Where the account is not affected, select the amount as $0.00. The first transaction was done as an example.) [table] Date | Assets | | | | | | = | Liabilities | | + | Equity | | + | Income | - | Expenses | Cash | Equipment | Furniture | Supplies | Accounts receivable | Computer | | Accounts payable | Loan | | Capital | Drawings | | Service Income | | 3/1 | $10,000 | $20,000 | $8,000 | $0.00 | $0.00 | $0.00 | | $0.00 | $0.00 | | $38,000 | $0.00 | | $0.00 | | $0.00 7/1 | Blank 1 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 2 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 3 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 4 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 5 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 6 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 7 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 8 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 9 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | Blank 10 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 11 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 | | Blank 12 Question 3 $9,600-$9,600$9,600 & -$9,600$0.00 8/1 | Blank 13 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 14 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 15 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 16 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 17 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 18 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 19 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 20 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 21 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | Blank 22 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 23 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 | | Blank 24 Question 3 $2,000-$2,000$2,000 & -$2,000$0.00 10/1 | Blank 25 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 26 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 27 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 28 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 29 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 30 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 31 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 32 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 33 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | Blank 34 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 35 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 | | Blank 36 Question 3 $13,000-$13,000$13,000 & -$13,000$0.00 11/1 | Blank 37 Question 3 $200-$200$200 & -$200$0.00 | Blank 38 Question 3 $200-$200$200 & -$200$0.00 | Blank 39 Question 3 $200-$200$200 & -$200$0.00 | Blank 40 Question 3 $200-$200$200 & -$200$0.00 | Blank 41 Question 3 $200-$200$200 & -$200$0.00 | Blank 42 Question 3 $200-$200$200 & -$200$0.00 | | Blank 43 Question 3 $200-$200$200 & -$200$0.00 | Blank 44 Question 3 $200-$200$200 & -$200$0.00 | | Blank 45 Question 3 $200-$200$200 & -$200$0.00 | Blank 46 Question 3 $200-$200$200 & -$200$0.00 | | Blank 47 Question 3 $200-$200$200 & -$200$0.00 | | Blank 48 Question 3 $200-$200$200 & -$200$0.00 15/1 | Blank 49 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 50 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 51 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 52 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 53 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 54 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 55 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 56 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 57 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | Blank 58 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 59 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 | | Blank 60 Question 3 $20,000-$20,000$20,000 & -$20,000$0.00 17/1 | Blank 61 Question 3 $450-$450$450 & -$450$0.00 | Blank 62 Question 3 $450-$450$450 & -$450$0.00 | Blank 63 Question 3 $450-$450$450 & -$450$0.00 | Blank 64 Question 3 $450-$450$450 & -$450$0.00 | Blank 65 Question 3 $450-$450$450 & -$450$0.00 | Blank 66 Question 3 $450-$450$450 & -$450$0.00 | | Blank 67 Question 3 $450-$450$450 & -$450$0.00 | Blank 68 Question 3 $450-$450$450 & -$450$0.00 | | Blank 69 Question 3 $450-$450$450 & -$450$0.00 | Blank 70 Question 3 $450-$450$450 & -$450$0.00 | | Blank 71 Question 3 $450-$450$450 & -$450$0.00 | | Blank 72 Question 3 $450-$450$450 & -$450$0.00 19/1 | Blank 73 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 74 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 75 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 76 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 77 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 78 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 79 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 80 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 81 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | Blank 82 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 83 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 | | Blank 84 Question 3 $1,500-$1,500$1,500 & -$1,500$0.00 19/1 | Blank 85 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 86 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 87 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 88 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 89 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 90 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 91 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 92 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 93 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | Blank 94 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 95 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 | | Blank 96 Question 3 $1,800-$1,800$1,800 & -$1,800$0.00 20/1 | Blank 97 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 98 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 99 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 100 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 101 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 102 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 103 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 104 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 105 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | Blank 106 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 107 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 | | Blank 108 Question 3 $2,500-$2,500$2,500 & -$2,500$0.00 28/1 | Blank 109 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 110 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 111 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 112 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 113 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 114 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 115 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 116 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 117 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | Blank 118 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 119 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 | | Blank 120 Question 3 $1,000-$1,000$1,000 & -$1,000$0.00 29/1 | Blank 121 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 122 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 123 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 124 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 125 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 126 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 127 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 128 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 129 Question 3 $200-$200$1,000-$1,000$0.00800-800 | Blank 130 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 131 Question 3 $200-$200$1,000-$1,000$0.00800-800 | | Blank 132 Question 3 $200-$200$1,000-$1,000$0.00800-800 [/table]
If an entrepreneur starts a business with $20 000 of their own money, what is the effect on the accounting equation?
The following transactions relate to the business of Betty’s Fashions, a service business. Jun 1 B. Rubble contributed an additional $80,000 cash to the business. Required: A. Indicate the effect of the above transaction on the accounting equation. NOTE: Click each box, and from the dropdown list, select the appropriate effect. Select “Not effect” if the account is not affected. [table] Date | Assets | | | = | Liability | + | Owner’s Equity | + | Incomes | _ | Expenses Cash | Premises | Sewing Equipment | Accounts Receivable | | Accounts Payable | Loan | | Capital | | Service Income | | Wage Jun 1 | Blank 1 Question 1 IncreaseDecreaseNo effect | Blank 2 Question 1 IncreaseDecreaseNo effect | Blank 3 Question 1 IncreaseDecreaseNo effect | Blank 4 Question 1 IncreaseDecreaseNo effect | Blank 5 Question 1 IncreaseDecreaseNo effect | Blank 6 Question 1 IncreaseDecreaseNo effect | Blank 7 Question 1 IncreaseDecreaseNo effect | Blank 8 Question 1 IncreaseDecreaseNo effect | Blank 9 Question 1 IncreaseDecreaseNo effect [/table] B. Record the above transaction in the following journal book of Betty’s Fashions. NOTE: Record the debit entry (account) before the credit entry for each journal, and select “N/A” if any box is not required. [table] Journal Entry Date | Accounts/Details | Debit (Dr) | Credit (Cr) Jun 1 | Blank 10 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 11 Question 1 80,000N/A | Blank 12 Question 1 80,000N/A Blank 13 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 14 Question 1 80,000N/A | Blank 15 Question 1 80,000N/A [/table] C. Enter the transactions listed above into the following general ledger accounts. NOTE: Click each box, and from the dropdown list, select the appropriate date, details and dollar amount. Select “N/A” if any ledger box is not required. CASH [table] Date | Details | $ | Date | Details | $ Blank 16 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 17 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 18 Question 1 80,000N/A | Blank 19 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 20 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 21 Question 1 80,000N/A [/table] CAPITAL [table] Date | Details | $ | Date | Details | $ Blank 22 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 23 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 24 Question 1 80,000N/A | Blank 25 Question 1 Jun 1Jun 3Jun 4Jun 5Jun 6Jun 7N/A | Blank 26 Question 1 CashPremisesSewing EquipmentAccounts ReceivableAccounts PayableLoanCapitalService IncomeWageN/A | Blank 27 Question 1 80,000N/A [/table]
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