LFS00AC1 Foundation Studies: Accounting 1 - Assessment Test 1

Question 2 (24 marks)

Charlie Loong started Crafty Charlie Services on 1 June 2020. He has provided you with his business transactions for the first week of his business.

Required
Prepare a classified Balance Sheet after each transaction.

• Charlie Loong deposited $50,000 into the business bank account
• Purchased computer for $2,000 from Best Computers on credit
• Borrowed $15,000 from CBA, payable in 3 years
• Made payment of $1,500 to Best Computers
• Bought stock of supplies $3,500 for cash
• Withdrew $5,000 cash from the business

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