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Answer all the questions, i will give u a thumb! a. Issued common shares for $45,000 cash. b. Borrowed $16,000 from a bank. C. Purchased
Answer all the questions, i will give u a thumb!
a. Issued common shares for $45,000 cash. b. Borrowed $16,000 from a bank. C. Purchased equipment for $8,000 cash. d. Prepaid rent on office space for 6 months in the amount of $6,300. e. Performed consulting services in exchange for $5,100 cash. f. Performed consulting services on credit in the amount of $17,000. g. Incurred and paid wage expense of $7,100. h. Collected $7,000 of the receivable arising from Transaction f. i. Purchased supplies for $1,200 on credit. j. Used $1,000 of the supplies purchased in Transaction i. k. Paid for all the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and shareholders' equity using the format below. For those boxes in which no entry is required, leave the box blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Assets = Liabilities + Shareholders' Equity Share Retained Capital Earnings
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