Brief Exercise 3-10 Cheyenne Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,090. Aug. 4 Pays insurance in advance for 3 months, $1,270. Aug. 16 Receives $700 from clients for services rendered. Aug. 27 Pays the secretary $490 salary. Indicate the basic analysis and the debit-credit analysis. Basic Analysis Debit-Credit Analysis Aug. 1 Debits The asset Debit the stockholders' equity account $ Credits Credit Debits Aug. 4 The asset Debit is the asset $ Credits Credit Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Brief Exercise 3-03 During 2022, Pharoah Company entered into the following transactions. 1. Purchased equipment for $281,040 cash. 2. Issued common stock to investors for $137,930 cash. 3. Purchased inventory of $67,170 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.) Assets Inventory Cash + Liabilities Stockholders' Equity - Accounts Payable + Common Stock + Retained Earnings + Equipment (1) (2) (3) Click if you would like to Show Work for this question: Open Show Work By accessing this question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 1 used