Tremonti, Inc., is obligated to pay its creditors $7,900 during the year. a. What is the value of the shareholders’ equity if as

sets equal $9,100? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the value of the shareholders’ equity if assets equal $6,900? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

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Record the following transactions related to purchases for Horston’s Art Supplies using the general journal form provided below.

harina [3808]

Response:

Sept. 1

Merchandise $8,000 (debit)

Accounts Payable $8,000 (credit)

Merchandise acquired on credit

Sept. 3

Accounts Payable $1,000 (debit)

Merchandise $1,000 (credit)

Returned Merchandise to Vendors

Sept. 7

Merchandise $1,500 (debit)

Accounts Payable $1,500 (credit)

Merchandise obtained on credit

Sept. 14

Accounts Payable $1,500 (debit)

Cash $1,470 (credit)

Discount obtained $30 (credit)

Settling amounts owed and acknowledging cash discount

Sept. 20

Accounts Payable $7,000 (debit)

Cash (credit)

Settlements for amounts owed

Clarification:

Journal entries along with their descriptions are outlined above.

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