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• What amount was invested to start the business on December 1st?

  $700,000
• How much was spent on office supplies on December 2nd?

  $10,000
• What percentage of the equipment purchased on December 4th was paid in cash?

  20%
• What was the total amount of equipment purchased on December 4th?

  $35,000
• How much cash was received from services provided on December 5th?

  $40,000
• What was the amount of the office rent expense bill received on December 8th?

  $15,000
• What was the value of the machines purchased on December 10th?

  $38,000
• How was the purchase of machines on December 10th financed?

  By signing a note payable
• What was the amount of salaries expense paid on December 13th?

  $30,000
• How much was earned from additional services provided on December 14th?

  $65,000
• When is the amount earned on December 14th expected to be received?

  After two months
• How much cash was withdrawn for personal use on December 18th?

  $800
• What was the market value of the land purchased on October 20th as of December 24th?

  $80,000
• What was the amount of the advertising bill received on December 25th?

  $500
• How much was the additional equipment purchased for on December 26th?

  $63,000
• How was the additional equipment purchased on December 26th financed?

  By signing a note payable
• What was the amount of the additional investment made on December 27th?

  $50,000
• What was paid on December 30th regarding the equipment purchased on December 4th?

  The remaining amount was paid
• What are the impacts of the December transactions on the accounting equation?

  • Assets increase due to investments and cash received
  • Liabilities increase from notes payable and unpaid bills
  • Owner's equity increases from investments and service revenue