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Repair shop accounting equation indicated account balances

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Reference no: EM131536857

Question: Zachary Martin owns Zachary's Repair Shop. On February 1, Zachary's Repair Shop's accounting equation indicated the following account balances. Use the form in your Working Papers to complete this problem.

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Transactions: 1. Took $400.00 of supplies for personal use.

2. Had equipment repaired at Kollasch Company and agreed to pay Kollasch Company at a later date, $250.00.

3. Mr. Martin had some personal property, which he sold for $500.00 cash.

4. Paid Kollasch Company $120.00 on account.

Reference no: EM131536857

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