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Question: Some of the transactions carried out by Tsang Company during the first month of the company's existence are listed below. You are to determine
Question: Some of the transactions carried out by Tsang Company during the first month of the company's existence are listed below. You are to determine the dollar effect of each transaction on the total assets, the total liabilities, and the owners' equity of Tsang Company. Use the symbols (+) for increase, (?) (-) for decrease, and (NC) for no change. An answer is provided for the first transaction to serve as an example. Total Assets +$200,000 Total Liabilities NC Owners' Equity +200,000 Transaction A. Issued capital stock to Don Tsang in exchange for his investment of $200,000 in the business B. Purchased a computer for the business for $5,500 cash. C. Borrowed $20,000 from the bank. D. Purchased office furnishings at a total price of $4,200, terms $600 cash and balance payable in two installments. E. Paid $1,800 of the balance due on the office furnishings. F. Sold an extra monitor that had cost $250 for $300 on credit. G. Collected $150 of amount receivable from purchaser of the monitor. H. Bought a small truck to be used in the business for $29,000; paid cash in full
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