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Required Information E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact (LO 2-2, LO 2-3, LO 2-4) Rawico Communications operates 15

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Required Information E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact (LO 2-2, LO 2-3, LO 2-4) Rawico Communications operates 15 radio stations. The following events occurred during September a. Placed an order for office supplies costing $2,600. Supplier intends to deliver later in the month. b. Purchased equipment that cost $31,000; paid $18,000 cash and signed a promissory note to pay $13,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account d. Hired a new finance manager on the last day of the month. e. Received an investment of $11,000 cash from the company's owners in exchange for issuing common shares. 4. Supplies (ordered in () were received, along with a bill for $2,600, Ann- View transaction Ilst View Journal entry worksheet No Transaction General Journal Debit Credit 1 a No Journal Entry Required 2 b 31,000 Equipment Cash Notes Payable (long-term) 18,000 13,000 3 Cash 7,000 4 d No Journal Entry Required 5 Cash Common Stock 11,099 11,000 6 1 2,600 Supplies Accounts Payable 2,600

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