Answer:
final balance sheet
Assets Liabilities and owner's equity
Cash 10,250 Accounts payable 1,750
Equipment 7,000 Owner's equity 15,500
total 17,250 total 17,250
Explanation:
Initial balance sheet
Assets Liabilities and owner's equity
Cash 15,000 Accounts payable 4,750
Equipment 6,000 Owner's equity 16,250
A) then the company purchases equipment for $1,000 and pays cash
Dr Equipment 1,000
Cr Cash 1,000
B) pays $3,000 of accounts payable using cash
Dr Accounts payable 3,000
Cr Cash 3,000
C) set apart $750 for salaries
Dr Salaries expense 750
Cr Cash 750
final balance sheet
Assets Liabilities and owner's equity
Cash 10,250 Accounts payable 1,750
Equipment 7,000 Owner's equity 15,500
total 17,250 total 17,250
