Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please fill in all blank swing transactions were completed by the company. owner invested $16,400 cash in the company in exchange for its common stock.

image text in transcribedplease fill in all blank
image text in transcribed
swing transactions were completed by the company. owner invested $16,400 cash in the company in exchange for its common stock. company purchased supplies for $850 cash. owner invested $10.700 of equipment in the company in exchange for more common stock. company purchased $270 of additional supplies on credit company purchased land for $9,700 cash. . Expenses + . . + ta + d: impact of each transaction on individual items of the accounting equation (Enter decreases to account balances sinus sign.) Assets Liabilities Equity Accounts Common Cash Supplies Equipment + Land Revenue Dividends Payable Stock . 10,400 + $ 16,400 (850) - $ 850 + + 15,550 - 850 + 0 0 - 0. 16,400 - 0 + 0 $ 10,700 + 15,550 . 850 - 10,700 + 0 0 + 16,400 - 0 0 $ 270 - 15,550 850 10,700 0 270 16,400 0 0 (9,700) + $ 9,700 5,850 850 10.700 9,700 16,400 0 0 + 0 + . + 0 . # # # # - + . + + + + + + . + + 270 - wwner invested $16,400 cash in the company in exchange for its common stock. company purchased supplies for $850 cash. wwner invested $10,700 of equipment in the company in exchange for more common stock. company purchased $270 of additional supplies on credit. company purchased land for $9,700 cash. : Impact of each transaction on Individual items of the accounting equation. (Enter decreases to account balances ilnus sign.) Assets Equity Cash Supplies + Equipment - Land Liabilities Accounts Payable Dividends Revenue Common Stock $ 16,400 Expenses + + + 16,400 + (850) - 15,550 s + + + 850 850 - + + + 0 + 0 D + 0 0 0 - - + + 16,400 10.700 - 27.100 $ 10.700 10.700 15,550 + 850 + + 0 + + + + 0 + 0 0 0 + + $ 270 + 850 10,700 + 0 = 270 - 27.100 0 0 0 15,550 + (9,700) 5,850 + + + + $ 9,700 9,700 850 - - 10,700 270 + II 27.100 0 + 0 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele

10th edition

9780077515904, 007802529X, 77515900, 978-0078025297

More Books

Students also viewed these Accounting questions