Concept explainers
Olivia’s Apple Orchard had the following transactions during the month of September, the first month in business.
Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: Negative amounts should be indicated with minus signs and unaffected should be noted as $0.
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction may be $0.)
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