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  • FABM1

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    Anne Bernabe
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    Maureen opened an aerobics and dance business. She deposited $50,000 into her business bank account, purchased $15,000 of equipment on account, and spent $2,500 in cash on supplies. She then bought $5,000 of furniture, paying $3,000 in cash and financing the $2,000 balance with a promissory note. She later paid $10,000 towards the equipment and $3,000 each to hire dance instructors, and paid off the promissory note, withdrawing $500 of supplies for personal use.

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    Maureen opened an aerobics and dance business. She deposited $50,000 into her business bank account, purchased $15,000 of equipment on account, and spent $2,500 in cash on supplies. She then bought $5,000 of furniture, paying $3,000 in cash and financing the $2,000 balance with a promissory note. She later paid $10,000 towards the equipment and $3,000 each to hire dance instructors, and paid off the promissory note, withdrawing $500 of supplies for personal use.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    15 views1 page

    FABM1

    Uploaded by

    Anne Bernabe
    Maureen opened an aerobics and dance business. She deposited $50,000 into her business bank account, purchased $15,000 of equipment on account, and spent $2,500 in cash on supplies. She then bought $5,000 of furniture, paying $3,000 in cash and financing the $2,000 balance with a promissory note. She later paid $10,000 towards the equipment and $3,000 each to hire dance instructors, and paid off the promissory note, withdrawing $500 of supplies for personal use.

    Copyright:

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

    Maureen opened an Aerobics and Dance Slenderizing Saloon with the following transactions

    a. Opened a business bank account with cash deposit of 50,000.00.


    b. Purchased equipment for saloon use 15,000.00. Terms: on account.
    c. Purchase Supplies for office use and paid cash for 2,500.00.
    d. Bought furniture and fixtures worth 5,000.00 by paying cash of 3,000.00, the balance with
    promissory note.
    e. Paid 10,000.00 of its liability for the equipment
    f. Hired dance instructors for monthly salary of 3,000.00 each.
    g. Paid the note due in d.
    h. Withdrew supplies worth 500.00 for personal use.

    Required:

    1. Record the transactions and determine the balances after each transactions using the following
    tabular headings

    ASSETS = LIABILITIES + CAPITAL


    Cash
    Supplie Furnitur Accounts Notes Maureen Maureen
    s Equipment e Payable Payable Capital Withdrew
    a
    b

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