Carrier is expected to submit a bill for $8,000 in early January.

e. On December 23, Cynthiana purchased 20 turkeys from Cub Foods for $280 cash.

Cynthiana gave the turkeys to its employees as a Christmas gift.

Required:

For each transaction described above, indicate the effects on assets, liabilities, and stockholders’ equity using the format below.

Assets ¼ Liabilities þ Stockholders’ Equity Contributed Capital Retained Earnings Exercise