Brief Exercise 3-03

During 2022, Cullumber Company entered into the following transactions.

Brief Exercise 3-03 During 2022, Cullumber Company entered into the following transactions. 1. Purchased equipment for $268,170 cash. 2. Issued common stock to investors for $136,140 cash. 3. Purchased inventory of $63,580 on account. using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.) Liabilities Stockholders' Equity Cash LINK TO TEXT = Accounts Payable + Common Stock + Retained Earnings Brief Exercise 3-03 During 2022, Cullumber Company entered into the following transactions. 1. Purchased equipment for $268,170 cash. 2. Issued common stock to investors for $136,140 cash. 3. Purchased inventory of $63,580 on account. using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.) Liabilities Stockholders' Equity Cash LINK TO TEXT = Accounts Payable + Common Stock + Retained Earnings