LFS00AC1 Questions On Foundation Studies: Accounting 1 - Assessment Test 1

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Question 2 (24 marks)

Charlie Loong started Crafty Charlie Services on 1 June 2020. He has provided you with his business transactions for the first week of his business.

Prepare a classified Balance Sheet after each transaction.

  • Charlie Loong deposited $50,000 into the business bank account
  • Purchased computer for $2,000 from Best Computers on credit
  • Borrowed $15,000 from CBA, payable in 3 years
  • Made payment of $1,500 to Best Computers
  • Bought stock of supplies $3,500 for cash
  • Withdrew $5,000 cash from the business

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