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a) Jan. 23, Year 1 Shareholders invested $50,000 in the business and received common shares as evidence of ownership. b) Feb. 7, Year 1 A
a) Jan. 23, Year 1 Shareholders invested $50,000 in the business and received common shares as evidence of ownership. b) Feb. 7, Year 1 A computer with a cost of $2,000 was purchased on account; payment is due in 30 days. c) Feb. 14, Year 1 Fees totaling $3,000 were billed to customers; $1,000 was collected immediately and the balance is due within 30 days. d) Feb. 18, Year 1 Full payment was made for the computer purchased on Feb. 7th. e) Feb. 22, Year 1 Fees in the amount of $1,900 were collected from customers with balances due from Feb. 14th. f) Feb. 28, Year 1 Employee salaries of $5,000 were paid. Assume all workers worked for that one day and got paid at the end of the day Required: Show the impact on the accounting equation using the format below for each of the above transactions. Ensure that you clearly indicate which account is affected, the dollar amount by which it is affected, and the impact (+11-1). If there is no impact, indicate NA. Note that you can put two transactions in one box for example asset increases and decreases. (1 MARK EACH TRANSACTION) (a) Assets Liabilities Equity (b) Assets Liabilities Equity @COPYRIGHT 2020 11 (c) Assets Liabilities Equity (d) Assets Liabilities Equity (e) Assets Liabilities Equity Assets Liabilities Equity
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