Scribd Logo
Upload

Welcome to Scribd!

  • The Items Making Up The Balance Sheet of Rankin Truck

    Uploaded by

    Amit Pandey
    12 views1 page
    The document lists the items on the balance sheet of Rankin Truck Rental as of December 31, including assets, liabilities, and owners' equity. It then describes six subsequent transactions: purchasing office equipment with cash; collecting accounts receivable and paying accounts payable; borrowing from a bank with a note payable; purchasing trucks partly with cash and partly with a note payable; and selling additional stock to investors.

    Original Description:

    upload

    Original Title

    The Items Making Up the Balance Sheet of Rankin Truck

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document lists the items on the balance sheet of Rankin Truck Rental as of December 31, including assets, liabilities, and owners' equity. It then describes six subsequent transactions: purchasing office equipment with cash; collecting accounts receivable and paying accounts payable; borrowing from a bank with a note payable; purchasing trucks partly with cash and partly with a note payable; and selling additional stock to investors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    12 views1 page

    The Items Making Up The Balance Sheet of Rankin Truck

    Uploaded by

    Amit Pandey
    The document lists the items on the balance sheet of Rankin Truck Rental as of December 31, including assets, liabilities, and owners' equity. It then describes six subsequent transactions: purchasing office equipment with cash; collecting accounts receivable and paying accounts payable; borrowing from a bank with a note payable; purchasing trucks partly with cash and partly with a note payable; and selling additional stock to investors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    The items making up the balance sheet of Rankin Truck

    The items making up the balance sheet of Rankin Truck Rental at December 31 are listed below
    in tabular form similar to the illustration of the accounting equation in Exhibit 2–11.During a short
    period after December 31, Rankin Truck Rental had the following transactions:Bought office
    equipment at a cost of $2,700. Paid cash. Collected $4,000 of accounts receivable. Paid $3,200
    of accounts payable. Borrowed $10,000 from a bank. Signed a note payable for that amount.
    Purchased two trucks for $30,500. Paid $15,000 cash and signed a note payable for the
    balance.Sold additional stock to investors for $75,000. InstructionsList the December 31
    balances of assets, liabilities, and owners’ equity in tabular form as shown above. Record the
    effects of each of the six transactions in the preceding tabular arrangement. Show the totals for
    all columns after eachtransaction.
    View Solution:
    The items making up the balance sheet of Rankin Truck
    SOLUTION-- http://solutiondone.online/downloads/the-items-making-up-the-balance-sheet-of-
    rankin-truck/

    Unlock answers here solutiondone.online


    Powered by TCPDF (www.tcpdf.org)

    You might also like