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Assume S. Crow opened a store in Brooklyn, starting with cash and ordinary shares of 85,000. Samantha Morgan, the store manager, then signed a note payable to purchase land for 75,000 and a building for 103,000. Morgan also paid 64,000 for equipment and 14,000 for supplies to use in the business. Requirement 1. Suppose the home office of S. Crew requires a weekly report from store managers. Write Morgan's memo to the home office to report on her purchases. Include the store's balance sheet as the final part of your memo. Prepare a T-account to compute the balance for Cash. HE Let's begin preparing the memo. To: Home Office From: Store Manager During the first week, I used the store's beginning cash to purchase equipment and supplies. I borrowed on a V to buy land and a building. After all these transactions, the store's balance sheet appears as follows. In order to complete S. Crew's balance sheet, we must calculate the balance of Cash. Let's post the transactions affecting the Cash account to a T-account and calculate the Cash balance. (Enter the purchases separately. Post the transactions in the order in which they occurred. Leave unused cells blank.) Cash 85,000 Bal Now, let's prepare the balance sheet. S. Crew Brooklyn Store Balance Sheet Date Assets Liabilities Cash 85,000 Bal Now, let's prepare the balance sheet. S. Crew Brooklyn Store Balance Sheet Date Assets Liabilities Shareholders' Equity

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