Exercise 246 Transaction Analysis During December, Cynthiana Refrigeration Service engaged in the following transactions a on December 3, Cynthina solo a one-year service contract to Cub Foods for $12,000 on December 10, Cynthiana repaired woment of the ASW Root Beer Drive-In Aswad 51.100 inch for the vice call c. On December 10, Cynthiana purchased a new Chevy truck for business use the truck cost $36,500 Cynthina paid $5.500 down and signed one year note for the balance d on December 19, Cynthian received 53,200 worth of rear parts that it had previous ordered from Camer Corporation Carrier is expected to bill Cynthians for 5.200 in early January On December 23, Cynthiana purchased 20 turseys from Cub Foods for $300 cash. Cyrana save the turkeys to its employees a Christmas Required: For each transaction described above, indicate the effects on stabilities, and shareholders equity using the format below. For those boxes in which entry is required, leave the box tani Enter decreases in account values as negative numbers. It an item. Labies) is both increased and decreased by a transactionate the net effect of the transaction on the item Assets Labilities Shareholders' Equity Share Retained Capital Earnings lllll all III Transaction Analysis and Journal Entries Pasta House Inc. was organized in January 2022. During the year, the following transactions occurred a. On January 14. Posta House sold Martin Hater, the firm's founder and sole owner, 11,600 of its common shares for $per share b. On the same day, National Bank loaned Pasta House $47,000 on a 10 year note payable On February 22, Pasta Houte purchased a buliding and the land on which it stands from Frank Jokubek for 534,000 cash and a ver $56,000 note pavable. The land and building hot sprined values et $30,000 and $60,000, respectively d. on March 1, Pasta House signed an $31.500 contract with Crosby Renovation to remodel the inside of the baldino. Posta Hount paid $7,000 doon and agreed to pay the remainder when Crassy completed its work e. On May 2, Crosby completed its work and submitted a bit to Pasta House for the remaining 124.500 f. On May 20, Pasta House paid $24.500 to Crosby Renovations On June 4, Pasta Houte purchased restaurant supplies from Goa Supply for $650 carth Required: Prepare a journal entry for each of the above transaction. For a compound transaction, these boxes in which no entry is required, leave the box blank Jan. 14 (Record issuance of common shares) Jan 14 (Record borrowing of cash) Feb, 22 II (Record purchase of land and building) (Record payment for remodelling) May Provou Next Sutik Test for Grading Required: Prepare a journal entry for each of the above transactions. For a compound transaction, if those boxes in which no entry is required, leave the box blank Jan. 14 Accounts Payable Cash Common Shares mmon shares) Notes Payable Retained Earnings Jan. 14 (Record borrowing of cash) Feb. 22 In (Record purchase of land and building) Mar. 1 | | | | | | | (Record payment for remodeling) May 3 (Record amount due for remodeling) May 20 (Record payment on account) June 4