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On January 3, 20_ _, Book Corner acquires additional store equipment for $15,000 cash. Store equipment is a long-lived asset – an asset that the company expects to provide services for more than 1 year.
| Assets | = | Liabilities | + | Owners' Equity | ||||
| Cash | Store Equipment | Note Payable | Eugene, Capital | |||||
| Bal. | 80,000 | = | 50,000 | 30,000 | ||||
| (3) | -15,000 | 15,000 | = | |||||
| Bal. | 65,000 | 15,000 | = | 50,000 | 30,000 | |||
| 80,000 | 80,000 | |||||||
(3) We begin our new transaction analysis with the balance left over from the previous transaction (Bal. 80,000). This transaction, the cash purchase of store equipment, increases one asset, Store Equipment, and decreases another asset, Cash, by the same amount. The form of the assets change, but the total amount remains unchanged. The right side is completely unchanged.
(4) Book Corner can prepare a balance sheet at any point in time. The balance sheet for the next day after starting up the business will look like this:
| Book Corner | ||||||
| Balance Sheet | ||||||
| January 3, 20_ _ | ||||||
| Assets | Liabilities and Owners' Equity | |||||
| Cash | $65,000 | Liabilities (note payable) | $50,000 | |||
| Store equipment | 15,000 | Eugene, capital | 30,000 | |||
| Total assets | $80,000 | Total liabilities and owners' equity | $80,000 | |||
‘PUZZLE-3’ POINT
►Consider how to analyze each of the following additional transactions following the examples above:
Transaction 4, Purchase inventory for cash
January 4. Book Corner acquires stationery and office supplies from a manufacturer for $3,000 cash. This transaction creates an asset called Inventory.
| Assets | = | Liabilities | + | Owners' Equity | ||||||
| Cash | Inventory | Store Equipment | Note Payable | Accounts payable | Eugene, Capital | |||||
| Bal. | 65,000 | 15,000 | = | 50,000 | 30,000 | |||||
| (4) | = | |||||||||
| Bal. | = | |||||||||
| 80,000 | 80,000 | |||||||||
Transaction 5, Purchase inventory on credit
January 5. Book Corner buys books for $5,000 from a publishing house which requires $2,000 by January 10 and the balance in 30 days. This transaction creates a liability called Account payable.
| Assets | = | Liabilities | + | Owners' Equity | ||||||
| Cash | Inventory | Store Equipment | Note Payable | Accounts payable | Eugene, Capital | |||||
| Bal. | = | |||||||||
| (5) | = | |||||||||
| Bal. | = | |||||||||
| 85,000 | 85,000 | |||||||||
Transaction 6, Purchase inventory for cash plus credit
January 6. Book Corner buys more books from another publishing house for $7,000. This manufacturer requires a cash down payment of $3,500, and Book Corner must pay the remaining balance in 60 days.
| Assets | = | Liabilities | + | Owners' Equity | ||||||
| Cash | Inventory | Store Equipment | Note Payable | Accounts payable | Eugene, Capital | |||||
| Bal. | = | |||||||||
| (5) | = | |||||||||
| Bal. | = | |||||||||
| 88,500 | 88,500 | |||||||||
Transaction 7, Sale of asset for cash
January, 7. Book Corner sells a store showcase to a DVD dealer after Eugene decides he dislikes it. Its selling price, $2,000, exactly equals to its cost. The dealer pays cash.
| Assets | = | Liabilities | + | Owners' Equity | |||
| Cash | Inventory | Store Equipment | Note Payable | Accounts payable | Eugene, Capital | ||
| Bal. | = | ||||||
| (7) | = | ||||||
| Bal. | = | ||||||
| 88,500 | 88,500 |
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| Balance sheet | | | Transaction 8, Return of inventory to supplier |