Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brief Exercise 3-3 During 2017, Crane Company entered into the following transactions. 1. Purchased equipment for $293,530 cash. 2. Issued common stock to investors for
Brief Exercise 3-3
During 2017, Crane Company entered into the following transactions.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (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 3-3 for example.)
1. | Purchased equipment for $293,530 cash. | |
2. | Issued common stock to investors for $139,730 cash. | |
3. | Purchased inventory of $65,520 on account. |
Assets | = | Liabilities | + | Stockholders Equity | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash | + | Inventory | + | Equipment | = | Accounts Payable | + | Common Stock | + | Retained Earnings | ||
(1) | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | ||||||
(2) | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
(3) | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started