The following events occurred for Favata Company a Recelved $10,000 cash from owners and issued stock to them b Borrowed $7,000 cash from a bank and signed a note due later this year c Bought and received $800 of equipment on account d Purchased land for $12,000 paid $1,000 in cash and signed a long term note for $1,000 e Purchased $3,000 of equipment paid $1,000 in cash and charged the rest on account Required For each of the events (o) through (c), perform transaction analysis and indicate the sccount, amount, and direction of the effect on the accounting equation, (Enter any decreases to account balances with a minus sign )

Question

The following events occurred for Favata Company  a  Recelved $10,000 cash from owners and issued stock to them  b  Borrowed $7,000 cash from a bank and signed a note due later this year  c  Bought and received $800 of equipment on account  d  Purchased land for $12,000  paid $1,000 in cash and signed a long term note for $1,000 e  Purchased $3,000 of equipment  paid $1,000 in cash and charged the rest on account  Required  For each of the events (o) through (c), perform transaction analysis and indicate the sccount, amount, and direction of the effect on the accounting equation, (Enter any decreases to account balances with a minus sign )

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The following events occurred for Favata Company. a. Recelved $10,000 cash from owners and issued stock to them. b. Borrowed $7,000 cash from a bank

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