only 5d photo s! Transcribed Image Text: George Littechiid started a new kitchen and batn design business called Littlechiid Enterprises. Tne following activities occurred
during Its first month of operations, March 2020:
a. Littlechild Invested $160,000 cash and office equipment valued at $20,000 In the business.
b. Purchased a small bullding for $600,000 to be used as an office. Pald $100,000 in cash and signed a note payable promising to
pay the balance over several years.
c. Purchased $3,000 of office supplies for cash.
d. Purchased $72000 of office equipment on credit.
e. Littlechlid made reservations at a hotel hosting a kitchen and bath design conference In August 2020. He will send a $1,000
deposit on July 1, 2020.
f. Completed a project on credit and billed the client $5,200 for the work.
g. Pald a local online newspaper $3,500 for an announcement that the office had opened.
h. Completed a project for a cllent and collected $4,000 cash.
I. Made a $4,000 payment on the equlpment purchased in (d).
J. Received $2,500 from the clent described in (f).
k. Pald $7.000 cash for the office secretary’s wages.
I. Littlechild withdrew $3,600 cash from the company bank account to pay personal living expenses.
Requlred:
182. Complete the following table. Use additions and subtractions to show the transactions’ effects on the elements of the equation.
For each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal.
Determine the final total for each Item and verify that the equation Is In balance. (Enter all amounts as positive values. If the
transection/event does not affect equity or do not require a Journal entry, select “No Affect on Equlty” In the ‘Explanation of equlty
transaction’ field.)
Assets
Liabilities
Equity
Accounts
Receivable
Office
Supplies
Littlechild,
Сapital
Explanation of
Equity Transaction
Office
Accounts
Notes
Cash
Building
Equipment
Payable
Payable
(a) Transcribed Image Text: 3-c. Prepare a balance sheet.
Littlechild Enterprises
Balance Sheet
March 31, 2020
Assets
Liabilities
Cash
Accounts payable
Accounts receivable
Notes payable
Office supplies
Total liabilities
Office equipment
Equity
Building
George Littlechild, capital
Total assets
0 Total liabilities and equity
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