Question
The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,000 cash in the company in exchange for its common stock.
The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $500 cash. c. The company purchased $10,000 in equipment on credit (record liability as Note Payable). d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
cash supplies equipment land accounts payable notes payable common stock divifrnds revenue expenses
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started