Excel Templates Exercise 1-20 Given Data: a.Fair value of equipment invested by owner $ 2,500 Cash invested by owner $ 3,000 b.Cash received for articles submitted to The Globe and Mail $ 6,500 c.Supplies purchased on credit $ 600 d.Salary paid to assistant $ 1,450 e.Cost of furniture ordered (to arrive in May) $ 3,000 f.Cash paid for first month's rent $ 1,400 g.Fee for article submitted to Report on Business, to be received next month $ 4,500 Answer: Assets=Liabilities Equity Cash Accounts Receivable Supplies Equipment= Accounts Payable Mailin Moon, Capital Explanation of Equity Transaction a.$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 b. 0 0 0 0 0 0 Bal.$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 c. 0 0 0 0 0 0 Bal.$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 d. 0 0 0 0 0 0 Bal.$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 e. 0 0 0 0 0 0 Bal.$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 f. 0 0 0 0 0 0 Bal.$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 g. 0 0 0 0 0 0 Bal.$ 0 $ 0 $ 0 $ 0 =$ 0 $ 0 $ 0 $ 0