Accounting homework. please help/explain?

Question

the following is a list of account balances (all except owners equity) of a company as of december 31 of the first year of operation:

accounts receivable 2500

accounts payable 3500

salary expense 4500

repairs expense 800

truck 8500

equipment 6300

notes payable 8200

cash 6800

supplies expense 1600

service revenue 31900

gasoline expense 3800

salary payable 200

the owner invested 3000 at the beginning of the year and withdrew 12000 during the year for his personal use. at the end of the year, what is the amount of total assets?

a. 11900

b. 12200

c. 21200

d. 24100

i'm really trying to understand this class. it's my first accounting class and i am completely lost on how to fit it in a transaction sheet. or if the accounting equation (assets= liabilities + owners equity) has anything to do with it.

Answer 1

Assets are basically anything that belongs to the business  ( vehicle / machine /houses)  or any money expected for the business e.g receivables.  NB> ( anything you have paid i.e expenses or are goin 2 pay i.e payable is a liability)

  So,

Assets=Ac. reciv+truck+equipment+cash=24,100.