Assignment Problem: The WHOLESOME Company buys and sells organic food items. It has a retail store and sells online. The business is privately owned by two partners who together invested $475,000 to start the business last year.
The Company has the following assets and liabilities at August 31:
Delivery Trucks $50,000 Supplies $75,000
Accounts Receivable $45,000 Bank/Cash $75,000
Accounts Payable $35,000 Bank Loan $10,000
Required:
A. Calculate the Owner's Equity as at August 31 using the accounting equation, clearly showing the total assets and total liabilities of the WHOLESOME Company.
B. In September, the WHOLESOME Company pays a $10,000 vendor bill (that was on Accounts Payable) - what is the debit and what is the credit to record this transaction?
C. In September, the WHOLESOME Company pays a $5,000 repair bill on one of the Delivery Trucks immediately by company check - what is the debit and what is the credit to record this transaction?
D. In September, the WHOLESOME Company purchases $10,000 worth of Supplies on account - what is the debit and what is the credit to record this transaction?
E. In September, both partners withdraw $10,000 each from their original investment - what is the debit and what is the credit to record this transaction?
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