(Solution Download) Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following...
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Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:
1. Smith invested $38,000 cash in the business.
2. Smith contributed $113,000 of equipment to the business.
3. The company paid $3,300 cash to rent office space for the month.
4. The company received $29,000 cash for repair services provided during March.
5. The company paid $7,500 for salaries for the month.
6. The company provided $4,300 of services to customers on account.
7. The company paid cash of $1,800 for monthly utilities.
8. The company received $4,400 cash in advance of providing repair services to a customer.
9. Smith withdrew $6,300 for his personal use from the company.
Based on this information, the balance in Hal Smith, Capital reported on the Statement of Owner's Equity at the end of March would be:
This question was answered on: Oct 24, 2017
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