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During 2025, Pharoah Company entered into the following transactions. 1. Purchased equipment for $284,370 cash. 2. Issued common stock to investors for $136,980 cash.
During 2025, Pharoah Company entered into the following transactions. 1. Purchased equipment for $284,370 cash. 2. Issued common stock to investors for $136,980 cash. 3. Purchased inventory of $71,620 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.) Cash (1) $ (2) (3) Assets Liabilities Anventory Equipment Accounts Payable $ $
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