Morris Lest began his business,Graters,Inc.with $10,000 of his savings.Graters borrowed $5,000 from Baroque Bank.Graters bought $3,000 worth of graters.The rent for the store is $1,000 per month.The first month's sales were $4,000 for inventory valued at $2,500.All of the transactions were in cash.Identify the get/give transactions above,and determine if there is an increase or decrease in assets,liabilities,or shareholders' equity.

Question

Quizplus · Accepted Answer

The Answer of Morris Lest began his business,Graters,Inc.with $10,000 of his savings.Graters borrowed $5,000 from Baroque Bank.Graters bought $3,000 worth of graters.The rent for the store is $1,000 per month.The first month's sales were $4,000 for inventory valued at $2,500.All of the transactions were in cash.Identify the get/give transactions above,and determine if there is an increase or decrease in assets,liabilities,or shareholders' equity.

Morris Lest Began His Business,Graters,Inc