01 - SOLUTION Problem 1-1 - 0 I put in cash 200 Dr Cr Pmt to G Jones 250 Beg Bal 0 Pmt to G Smith 300 G Jones cash in 250 End Bal 0 Pmt to G Jones 250

Assets = Liabilities + Owners' Equity + + + Cash Note Payable - Smith My Equity Dr. Cr. Dr. Cr. Dr. Cr. Beg. Bal. 0 Beg. Bal. 0 Beg. Bal. 0 I put in cash 75 G. Smith cash in 300 I put in cash 75 I put in cash 125 Pmt to G. Smith 300 I put in cash 125 G. Smith cash in 300 End. Bal. 0 I take cash out 750 G. Jones cash in 250 I put in cash 350 I take cash out 750 + I put in cash 200 I put in cash 350 Note Payable - Jones End. Bal.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 0 I put in cash 200 Dr. Cr. Pmt to G. Jones 250 Beg. Bal. 0 Pmt to G. Smith 300 G. Jones cash in 250 End. Bal. 0 Pmt to G. Jones 250 End. Bal. 0 Problem 1-1 Solution-- The Coffee Can Accounting System Trial Balance Account Name Debit Credit Cash 0 Note Payable - Smith 0 Note Payable - Jones 0 My Equity 0 Total 0 0 Problem 1-1 Solution (continued)...
View Full Document