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

question 20

Essay

Using the following transactions,calculate the ending balance of (A)total assets, (B)total liabilities, (C)Cash,and (D)Owner's Equity.Indicate whether each balance is debit or credit.
a.Opened business by investing $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.Withdrawals of $4,000 were made by the owner.

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Definitions:

Longitudinal Studies

Research studies that follow subjects over a long period of time to observe changes or developments in specific variables.

Intelligence

A complex trait that encompasses the ability to learn, understand, reason, make decisions, and adapt to new situations.

Fluid Intelligence

Those types of basic intelligence that make learning of all sorts quick and thorough. Abilities such as short-term memory, abstract thought, and speed of thinking are all usually considered part of fluid intelligence.

Age

The amount of time someone has existed or something has been in existence, often used to denote maturity, life stages, or periods of history.