Abigail and Amanda Started the ACL Partnership on September 1,20X9 $\$ 9,000$

question 63

Essay

Abigail and Amanda started the ACL Partnership on September 1,20X9.Given the following transactions,prepare a balance sheet for the partnership as of September 10,20X9.
Sept. 1 The ACL Partnership was formed as Abigail invested $\$ 9,000$ in cash and Amanda invested $\$ 4,100$ worth of supplies and $\$ 4,700$ in cash.
Sept. 2 ACL acquired $\$ 3,600$ in inventory, paying cash.
Sept. 4 ACL acquired equipment costing $\$ 23,900$ , making a $\$ 3,500$ cash down payment, with the balance due on note.
Sept. 5 ACL returned $\$ 300$ worth of defective inventory and received a refund.
Sept. 7 ACL acquired inventory costing $\$ 800$ on open account.
Sept. 8 ACL sold equipment costing $\$ 1,700$ at cost. A close friend, purchased the equipment on account.
Sept. 9 ACL paid $\$ 400$ associated with the inventory acquired on September 7.
Sept. 10 ACL received $\$ 400$ from the friend who acquired equipment on September 8. Required:
1.Prepare an analysis of the transactions on the balance sheet equation.
2.Prepare a balance sheet as of September 10,20X9 for ACL Partnership.

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Definitions:

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, indicating the level of inflation.

Market Basket

A collection of goods and services used to monitor price changes for consumer expenditures, often used in calculating inflation indices.

Base Year

A specific year against which economic growth is measured, serving as a benchmark for real value comparisons over time.

Price Indexes

Price indexes are statistical measures that reflect the average change in prices over time of a basket of goods and services, used to gauge inflation or deflation in an economy.