Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 22

The items making up the balance sheet of Maxx Trucking at December 31 are listed below in tabular form similar to the illustration of the accounting equation in Chapter 2 of the text.

During a short period after December 31, Maxx Trucking had the following transactions:
1.ought office equipment at a cost of $2,600.aid cash.
2.ollected $2,500 of accounts receivable.
3.aid $2,000 of accounts payable.
4.orrowed $5,000 from a bank.igned a note payable for that amount.
5.urchased three trucks for $60,000.aid $5,000 cash and signed a note payable for the balance.
6.old additional stock to investors for $25,000.
Instructions
a.ist the December 31 balances of assets, liabilities, and owners' equity in tabular form as shown above.
b.ecord the effects of each of the six transactions in the tabular arrangement illustrated above.how the totals for all columns after each transaction.