Preparation of Balance Sheet After a Series of Transactions

question 84

Essay

Preparation of balance sheet after a series of transactions
The balance sheet was as follows for Custom Ceramics on February 1,2018:
During the first week of February,the following transactions occurred:
(1)The business used cash to pay off $5,000 of its accounts payable.(No payment was made on the notes payable. )
(2)Additional capital stock was issued to Joan Custom for $15,000 cash.
(3)Equipment was purchased on credit for $1,800
(4)The business collected $4,000 cash from accounts receivable.
Complete the balance sheet for Custom Ceramics as of February 8,2018.

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