Summary financial data for the Nu-Look Dry Cleaning Co. for November are presented below in transaction form

Summary financial data for the Nu-Look Dry Cleaning Co. for November are presented below in transaction form.

Opened a business bank account, depositing $ 12,000

Purchased supplies for cash, $220

Purchased dry cleaning equipment from Hill cleaning Equipment, Inc. for $3,500, paying $1,500 in cash with the balance on account.

Paid rent for the month, $825

Cash sales for the month totaled $1,850

Paid salaries of $375

Paid $500 on account to Hill cleaning Equipment, Inc.

The cost of supplies used was determined to be $60.

Record the transactions and running balances in the following form.

Assets = Liabilities + Owner’s Equity
  Cash + Supplies + Equipment = Accounts Payable + Nu-Look Capital
(1)          
(2) _______ _______ _______ _______ _______
Balance          
(3) _______ _______ _______ _______ _______
Balance          
(4) _______ _______ _______ _______ _______
Balance          
(5) _______ _______ _______ _______ _______
Balance          
(6) _______ _______ _______ _______ _______
Balance          
(7) _______ _______ _______ _______ _______
Balance          
(8) _______ _______ _______ _______ _______
Balance          
  _______ _______ _______ _______ _______

 

 


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