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:

Bureaucrats

Government or organizational officials who are typically part of a complex hierarchical structure and responsible for implementing policies, laws, and administrative functions.

Charismatic Authority

A form of leadership where followers are drawn to the leader's extraordinary personal qualities and the belief in their extraordinary powers or insight.

Organizations

Groups or entities with a specific purpose, structure, and system of governance, formed to achieve collective goals.

Legitimate Authority

A type of power that is recognized and accepted by individuals and society as rightful and just, often based on laws, norms, or traditions.