Accounting Gurus, help me with this simple problem.?

Question

Assume a company's January 1, 2006, financial position was: Assets, $150,000 and Liabilities, $60,000. During January 2006, the company completed the following transactions: (a) paid on a note payable $10,000 (no interest was paid); (b) collected an accounts receivable, $9,000; (c) paid an accounts payable, $5,000; and (d) purchased a truck, $5,000 cash, and a $20,000 note payable. The company's January 31, 2006 financial position is



ASSETS ?
LIABILITIES ?
STOCK HOLDERS EQUITY?




THANKYOU!!!!

Answer 1

Opening balance
Asset = $150,000
Liabilities = $ 60,000
Equity = $150,00 - $60,000 = $90,000

a) paid on a note payable $10,000 (no interest was paid)
Credit cash [asset] $10,000
Debit note payable [liability] $10,000
--> less asset $10,000
--> less liability $10,000

b) collected an accounts receivable, $9,000;
Credit accounts receivable [asset] $9,000
Debit cash [asset] $9,000
--> less asset $9,000
---> add asset $9,000

c) paid an accounts payable $5,000
Credit cash [asset] $5,000
Debit accounts payable [liabilities] $5,000
--> less asset $5,000
--> less liabilities $5,000

d) purchased a truck, $5,000 cash, and a $20,000 note payable.
Credit cash [asset] $5,000
Debit truck [asset] $5,000
Debit cash [asset] $20,000
Credit note payable [liability] $20,000
--> less asset $5,000
--> add asset $5,000
--> add asset $20,000
--> add liability $20,000

Total change

Asset = $150,000 + a. (-$10,000) + b. (-$9,000 + $9,000) + c. (-$5,000) + d. (-$5,000 + $25,000) = $155,000

Liabilities = $60,000 + a. (-$10,000) + b. (+$0) + c. (-$5,000) + d. (+$20,000) = $65,000

Equity = $90,000

---> Asset ($155,000) = Liabilities ($65,000) + Equity ($90,000)

Thanks, assumed wrongly initially purchase of note payable = bought a note payable from someone else...

Answer 2

Note payable is a liability. Comerade answer.

Answer 3

Assets: 155,000
Liabilities: 65,000
SE: 90,000