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2018-01-24 (3),png - Photos ION Downloadable e ice Assignment Gradebok ORI extbook ment PRINTER VERSIONBACK NEXT Question1 Show the effect of each of the following transactions on the basic accounting equation. The company's fiscal year end is December 31 a. On January 1, 2016, the company borrowed $23,400 from the bank. b. On December 31, 2016, the company paid the interest on the bank loan in transaction "a." The interest rate is 8%. c. On January 1, 2016, the company bought equipment for $10,700 cash. d. On December 31, 2016, the company recorded depreciation on the equipment, using the straight-line method. The equipment has an estimated useful life of six years and an estimated residual value of $1,070 e. Purchases of inventory on account during the year totalled $93,600. f. Sales for the year totalled $145,600, of which $21,100 was for cash and the remainder was on account. g. The cost of the products sold from inventory during the year in transaction (f) was $82,700. h. Payments to suppliers for inventory purchases totalled $71,900 during the year Collections on account from customers totalled $117,300 for the year Employees earned wages of $49,800 during the year, which were recorded as Wages Payable k. All employee wages were paid by the end of the year except the wages for the last week in December, which totalled $1,900. Dividends were declared and paid in the amount of $2,400. e euts A eatbher negative sign preceding the number e.a 45 or parentheses ea (45, Indcate whether t s Revenues, Expenses or Dividendsdecred the last colun no effect then select "Not Applicable".) Assets Liabilities Shareholders' Equity Accounts Receivable Inventory Equipment Accounts Payable Loan Payable Wages Payable Retained Earnings Cash b. C. d. olicy I 2000-2018JohnWilerASons.inc. All Rights Reserved. A Division of Version 4.24 11:00 AM O Type here to search sf ^ : ENG 2018-01-24