Abigail and Amanda started the ACL Partnership on September 1,20X9.Given the following transactions,prepare a balance sheet for the partnership as of September 10,20X9.
Sept. 1 The ACL Partnership was formed as Abigail invested in cash and Amanda invested worth of supplies and in cash.
Sept. 2 ACL acquired in inventory, paying cash.
Sept. 4 ACL acquired equipment costing , making a cash down payment, with the balance due on note.
Sept. 5 ACL returned worth of defective inventory and received a refund.
Sept. 7 ACL acquired inventory costing on open account.
Sept. 8 ACL sold equipment costing at cost. A close friend, purchased the equipment on account.
Sept. 9 ACL paid associated with the inventory acquired on September 7.
Sept. 10 ACL received from the friend who acquired equipment on September 8. Required:
1.Prepare an analysis of the transactions on the balance sheet equation.
2.Prepare a balance sheet as of September 10,20X9 for ACL Partnership.
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