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Exercise 1-9A (Algo) Interpreting the accounting equation LO 1-5 Jones Enterprises...

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Accounting

Exercise 1-9A (Algo) Interpreting the accounting equation LO 1-5
Jones Enterprises was started when it acquired $4,800 cash from creditors and $7,200 from owners. The company immediatel purchased land that cost $10,000.
Required
a. Record the events under an accounting equation.
b. After all events have been recorded, Jones's obligations to creditors represent what percentage of total assets?
c. After all events have been recorded, Jones's stockholders' equity represents what percentage of total assets?
d. Assume the debt is due. Given that Jones has $7,200 in stockholders' equity, can the company repay the creditors at this point?
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