Part II Transaction Analysis (2 points 5 = 10 points) Following are selected transactions of ABC Company. Record the effects of these transactions using the financial statement effects template. 1. Shareholders contributed $1,000,000 cash to the business in exchange for common stock. 2. The company obtained a bank loan of $50,000. 3. Purchased $5,000 equipment and paid cash. 4. Purchased inventory at the cost of $3,000 by paying $1,000 cash and receiving short-term credit from the remainder of the supplier. 5. The company recorded and paid salaries and wages of $4,500.

Times New Ro... . A - Paste B I U - abe Xx? . A Styles Styles Pane Part II Transaction Analysis (2 points * 5 = 10 points) Following are selected transactions of ABC Company. Record the effects of these transactions using the financial statement effects template. 1. Shareholders contributed $1,000,000 cash to the business in exchange for common stock. 2. The company obtained a bank loan of $50,000. 3. Purchased $5,000 equipment and paid cash. 4. Purchased inventory at the cost of $3,000 by paying $1,000 cash and receiving short-term credit from the remainder of the supplier. 5. The company recorded and paid salaries and wages of $4,500. Balance Sheet Income Statement Noncash Asset Contributed Capital Retained Earnings (Or Earned Capital) Cash Asset + Liabilities Revenue Expense Net Income 1 1,000,000 2 50,000 50,000 3 -5,000 5,000 4 -1,000 3,000 2,000 5 -4,500 -4500 4500 -4500 Page 5 of 18 2201 Words English (US)