1-6 - (Be sure to list the assets and liabilities in order...

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Page 6 of 6 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview Office supplies 24,437 Rent expense 2,520 Land 46,000 Salaries expense 5,600 Office equipment 18,000 Telephone expense 760 Accounts payable 25,037 Miscellaneous expenses 580 Owner investments 84,360 REAL ANSWERS Balance Sheet October 31 Assets Liabilities Cash $ 11,500 Accounts Payable $ 25,037 Accounts Receivable 12,000 Office Supplies 24,437 Equity Land 46,000 Office Equipment 18,000 K. King, Capital 86,900 Total assets $ 111,937 Total liabilities and equity $ 111,937 Worksheet Learning Objective: 01-P1 On October 1, Keisha King organized Real Answers, a new consulting firm. On October 31, the company's records show the following items and amounts. Use this information to prepare an October 31 balance sheet for Real Answers.
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Unformatted text preview: (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) Cash $ 11,500 Cash withdrawals by owner $ 2,000 Accounts receivable 12,000 Consulting fees earned 14,000 Office supplies 24,437 Rent expense 2,520 Land 46,000 Salaries expense 5,600 Office equipment 18,000 Telephone expense 760 Accounts payable 25,037 Miscellaneous expenses 580 Owner investments 84,360 REAL ANSWERS Balance Sheet October 31 Assets Liabilities Cash $ 11,500 Accounts Payable $ 25,037 Accounts Receivable 12,000 Office Supplies 24,437 Equity Office Equipment 18,000 Land 46,000 K. King, Capital 86,900 Total assets $ 111,937 Total liabilities and equity $ 111,937...
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