Transaction analysis and financial statements... Can you please help with questi

Question

Transaction analysis and financial statements... Can you please help with question #4.

Just Rolling Along Inc, was organized on May 1, 2012, by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. The following transactions occured during the first month of operations: May 1: Received contribution of $9,000 from each of the two principal owners of the new business in exchange for shares of stock. May 1: Purchased ten bicycles for $300 each on an open account. The company has 30 days to pay for the bicycles.

Explanation / Answer

Hi

Please see below

Same is uploaded in below link of wikisend 9 available for 7 days )

http://wikisend.com/download/278714/calculations_30aug.doc

PROBLEM 3-2 TRANSACTION ANALYSIS AND FINANCIAL STATEMENTS

1.    Just Rolling Along Inc. Transactions for the month of May 2012:

                                            Assets                              =    Liabilities    + Stockholders

PROBLEM 3-2 TRANSACTION ANALYSIS AND FINANCIAL STATEMENTS

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