Invent

Day Sixth of “Sample Balance Sheet”


 Day 6 

On the sixth day (the final day for this business model), Mansab Awan bought a specialized graphic printer. He was able to open an account with the supplier, so he did not have to pay for it right away, but it did have to be paid for by the end of the following month.

  1. $1,800 is the cost of the printer supplied by the vendor
  2. $1,800 is the amount Mansab Awan’s business owes to the vendor (accounts payable)

Affect on balance sheet :

  • $1,800 is added to the graphic printer account which increases the overall value of assets to $11,320
  • $1,800 is added to the creditors (accounts payable) account. This increases the liabilities of the business to $6,300. This is acurrent liability because it will be paid for within 12 months.

 

Day 6 Sample Balance Sheet

 


 

3 Responses to Day Sixth of “Sample Balance Sheet”

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