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A company had the following transactions. a. The company finished work for a client and immediately collected $17,400 cash. b. The company purchased supplies
A company had the following transactions. a. The company finished work for a client and immediately collected $17,400 cash. b. The company purchased supplies for $1,100 cash. c. The company purchased $320 of additional supplies on credit. d. The company purchased land for $10,200 cash. e. The company paid $11,200 cash for this month's rent. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Assets Liabilities Equity Cash + Supplies + Equipment + Land = Accounts Payable + Revenues Expenses a. $ 17,400 + + + = + $ 17,400 b. + $ (1,100) + + = + (1,000) Balance 17,400 + (1,100) + 0 + 0 = 0 + 17,400 - (1,000) C. + (320) + + = + 320 - Balance 17,400 + (1,420) + 0 + 0 = 0 + 17,720 (1,000) d. 10,200 + + + = + (-10,200) Balance 27,600 + (1,420) + 0 + 0 = 0+ 17,720 (1,000) e. + + + = + - Balance $ 27,600 $ (1,420) $ 0 $ 0 $ 0 $ 17,720 $ (1,000)
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