Using the Following Transactions,calculate the Ending Balance of (A)total Assets

question 13

Essay

Using the following transactions,calculate the ending balance of (A)total assets, (B)total liabilities, (C)Cash,and (D)Stockholders' Equity.Indicate whether each balance is debit or credit.
a.Began doing business by selling shares of common stock to investors for $72,000 in cash.
b.Paid one year's insurance in advance,$4,800.
c.Billed customers for services rendered,$12,000.
d.Received utility bill,to be paid next month,$800.
e.Received $1,600 in advance of performing a service.
f.Received $8,800 from customers billed in c.
g.Paid $600 on the utility bill of d.
h.Dividends of $4,000 were paid to common stock holders.

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Definitions:

Primary Group

A group with strong emotional ties and bonds that endure over time. This type of group tends to be more informal and intimate than other groups that individuals belong to. See also Secondary group.

Secondary Group

A group that is formal and impersonal, often organized around instrumental goals. See also Primary group.

Ethnocentrism

In intergroup relations, the tendency to regard one’s own group as the center of everything and to evaluate other groups in reference to it; the tendency to regard one’s in-group as superior to all out-groups.

Goal Isomorphism

The concept of having converging or similar objectives across different individuals, groups, or systems.