ACTBAS1 Textbook Exercises

Chapter 2
Exercise 1
Assets
Laboratory Equipment 76,
600
Laboratory Supplies 7, 800
Cash 41,500
Total : 125, 900
Exercise 2
1. 22,240
2. 19,020
3. 5,675
4. 36,725
5. 8,875
Exercise 4

Liabilities
Loan Payable 16, 100

Owners Equity
Equity 99, 675

Accounts Payable 10, 125

Total : 125, 900

Dr. Malones Dental Practice

Balance Sheet
July 31, 2015
Liabilities
Owners Equity
Accounts Payable 19,000
Equity 28,520
Accounts Payable 4,180

Assets
Office Furniture 8,000
Dental Supplies 3,650
Dental Equipment 26, 550
Cash Balance 13, 500
Total : 51, 700
Total : 51, 700
Problem 3A
Brown Equipment Repair Service
Balance Sheet
February 29, 2016
ASSETS
LIABILITIES
OWNERS EQUITY
Cash 34,300
Accounts Payable 24,000
Equity 107,880
Supplies 6,380
Accounts Receivable
13,200
Equipment 78,000
Total : 131,880
Total : 131,880