Week 1 Assignment Question 1 Ruddy Lewis operates a bike repair shop operating under the name R.L. Bike...

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Accounting

Week 1 Assignment
Question 1
Ruddy Lewis operates a bike repair shop operating under the nameR.L. Bike Repairs. The balances of his accounts on April 1 of thecurrent year were as follows:
The following transactions were incurred for the month ofApril:
Inventory of supplies at end of the month (April 30) was$550
Assets = Liabilities +Owners Equity
Balance April 1
+
Cash
Ruddy Lewis, Capital
$12,400
Transaction Numbers
9
-650
-650
Balance
10
Balance, April 30
$13,970
$550
$9,500
$3,900
$20,120
Theres an acctg problem( Ruddy Lewis..... ) my question is underthe supplies column, you listed 650 under entry #9, entry for #9should be 550.if we use 550 then problem doesnt balance.
pleas help

Answer & Explanation Solved by verified expert

4.4 Ratings (924 Votes)

Actually you are mis interpreting the problem The question says that Supplies account balance at the end on April 30 is or should have to be 550 To make the balance go to 550 an adjustment See Answer

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Assets = Liabilities +Owners Equity
Balance April 1	+	Cash				Ruddy Lewis, Capital
						$12,400
Transaction Numbers
















9			-650			-650
Balance
10
Balance, April 30		$13,970	$550	$9,500	$3,900	$20,120