Possible Answers include: Assets Increase and Assets Decrease

Assets Increase and Liabilities Increase

Assets Increase and Liabilities Decrease

Assets Increase and Equity Increases

Assets Increase and Equity Decreases

Assets Decrease and Liabilities Increase

Assets Decrease and Liabilities Decrease

Assets Decrease and Equity Increases

Assets Decrease and Equity Decreases

Liabilities Increase and Equity Increases

Liabilities Increase and Equity Decreases

Liabilities Decrease and Equity Increases

Liabilities Decrease and Equity Decreases

No Impact To the Accounting Equation

Determine the Impact to the accounting equation related to Transactions each transaction Assets increases and Assets decrease Assets increase and equity decreases Jan Jan _ Jan. 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down 1 and carrying a mortgage on the balance. Jan. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3. The company purchased a 1 year insurance policy for $3,600 Jan. 4 The company purchased $2,400 of supplies Jan. 15 The company received $40,000 for 10 service jobs to be completed in the future 16 The company hired an employee The company sold inventory for $60,000 receiving 15,000 in cash and the remainder on account; record the Jan. 17 sale first. Jan. 17 The inventory sold was worth 20,000; record the reduction of inventory second Jan. 24 The company completed 3 service jobs for $5,000 each. (Not related to the entry on January 15). Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15 Jan