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Home Q & A Board Other Fields Homework Help Business Accounting
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laurenamarissa laurenamarissa
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5 years ago
Merchant Company provides plumbing services. Transactions of Merchant during the first year of operations are given below.

a)The owner, Carol Merchant, contributed $10,000 cash to form the business.
b)Paid $1,200 cash for equipment to be used for plumbing repairs.
c)Borrowed $11,000 from a local bank and deposited the money in the checking account.
d)Paid $400 rent for the year.
e)Purchased $400 of office supplies by cash.
f)Completed a plumbing repair project for a local lawyer and received $3,300 cash.

Calculate the amount of total liabilities at the end of the first year.
A) $11,000
B) $10,000
C) $19,800
D) $3,300
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
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anonymous661anonymous661
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5 years ago
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