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January, 8. Book Corner returns rejected inventory of $500 to its supplier.
| Assets | = | Liabilities | + | Owners' Equity | |||
| Cash | Inventory | Store Equipment | Note Payable | Accounts payable | Eugene, Capital | ||
| Bal. | = | ||||||
| (8) | = | ||||||
| Bal. | = | ||||||
| 88,000 | 88,000 |
Transaction 9, Payment to creditor
January 10. Book Corner pays $2,000 described in transaction 5.
| Assets | = | Liabilities | + | Owners' Equity | |||
| Cash | Inventory | Store Equipment | Note Payable | Accounts payable | Eugene, Capital | ||
| Bal. | = | ||||||
| (9) | = | ||||||
| Bal. | = | ||||||
| 86,000 | 86,000 |
Transaction 10, Purchase car (to be analyzed entirely by you)
January 13. Eugene buys a Volvo car for $35,000 and pays by check form his personal bank account.
►Now on the basis of your transaction analyses fill in the blanks in the balance sheet below showing a cumulative total for each account at a specific point in time. Also translate the balance sheet into Russian.
| Book Corner | |||||||||
| Balance Sheet | |||||||||
| January 13, 20_ _ | |||||||||
| Assets | Liabilities and Owners' Equity | ||||||||
| Cash | Note payable | ||||||||
| Merchandise inventory | Accounts payable | ||||||||
| Store equipment | Total liabilities | ||||||||
| Eugene, capital | |||||||||
| Total | Total | ||||||||
‘SHOW-1’ POINT
►Make up teams of three to five students each. Each team should choose one of the companies included in the Dow Jones Industrial Average, and find its most recent balance sheet (try the company’s homepage on the Internet). Ignore much of the detail on the balance sheet, focusing on the following accounts:
· Cash
· Inventory
· Equipment
· Notes payable
· Accounts payable
· Total stockholders’ equity
Divide the following six assumed transactions among the tea members:
1. Sold one million of common stock for a total of $11 million cash.
2. Bought inventory for cash of $3 million.
3. Borrowed $5 million form the bank, receiving the $5 million in cash.
4. Bought inventory for $6 million on open account.
5. Paid $4 million to suppliers for inventory bought on open account.
6. Bought equipment for $9 million cash.
What is required?
1. The students responsible for each transaction should explain to the group how the transaction would affect the company’s balance sheet, using the accounts listed earlier.
By using the most recent published balance sheet as a starting point, prepare a balance sheet for the company, assuming the preceding six transactions are the only transactions since the date of the latest balance sheet.
‘THEORY-4’ POINT
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| Transaction 3, Acquire store equipment for cash. | | | Income statement |