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Abigail and Amanda Started the ACL Partnership on September 1,20X9 $9,000 \$ 9,000

Question 79

Essay

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 $9,000 \$ 9,000 in cash and Amanda invested $4,100 \$ 4,100 worth of supplies and $4,700 \$ 4,700 in cash.
Sept. 2 ACL acquired $3,600 \$ 3,600 in inventory, paying cash.
Sept. 4 ACL acquired equipment costing $23,900 \$ 23,900 , making a $3,500 \$ 3,500 cash down payment, with the balance due on note.
Sept. 5 ACL returned $300 \$ 300 worth of defective inventory and received a refund.
Sept. 7 ACL acquired inventory costing $800 \$ 800 on open account.
Sept. 8 ACL sold equipment costing $1,700 \$ 1,700 at cost. A close friend, purchased the equipment on account.
Sept. 9 ACL paid $400 \$ 400 associated with the inventory acquired on September 7.
Sept. 10 ACL received $400 \$ 400 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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