Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following transactions were completed by the company: a. The owner invested $16,600 cash in the company. b. The company purchased supplies for $900
The following transactions were completed by the company: a. The owner invested $16,600 cash in the company. b. The company purchased supplies for $900 cash. c. The owner invested $10,800 of equipment in the company in exchange for more common stock. d. The company purchased $280 of additional supplies on credit. e. The company purchased land for $9,800 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number Cash Assets Supplies + Equipment Land Liabilities + Equity Accounts Payable Common Stock Dividends Revenue Expenses = + a. + + + + b. + + + = + + Balance after a and b 0 + 0 + 0 + 0 = 0 + 0 0 + 0 - 0 C. + + + = + + Balance after c 0 + 0 + 0 + 0 = 0 + 0 0 + 0 - 0 d. + + = + + Balance after d 0 + 0 + 0 + 0 = 0 + 0 0 + 0 0 e. + + + = + + Balance after e 0 + 0 + 0 + 0 = 0 + 0 0 + 0 0
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