Accounting GBA 5205

Survey of Accounting, Fifth edition by Edmonds (ISBN 9781307078473)

Please do Events 6-10. Event 4 is listed below as an example.

After completing Chapter 3, identify the fo the accounting equation, if and how it affects net income, and if and how it affects cash. Using Event 1 as an example: Purchased merchandise inventory for cash: assets: + inventory and - cash; no effect on liabilities or equity; no effect on net income, - cash. With your answers, you need to explain your reasoning and how you solved the problem. Do not follow the instructions in the textbook but complete based on the example given above