Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following transactions were completed by the company. a. The owner (Alex Carr) invested $17,600 cash in the company. b. The company purchased supplies for
The following transactions were completed by the company. a. The owner (Alex Carr) invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner (Alex Carr) invested $11,300 of equipment in the company. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances minus sign.) Assets Answer is complete but not entirely correct. Liabilities Accounts A. Carr A Carr Payable Capital Withdrawals $176,000 - Cash Supplies Equipment Land a + + + $ 176,000 (1.150) 174,850 + + + b. Bal. + $ 1,150 1,150 + + + 0 0 + 0 0 + + $ 0 11,300 11,300 + + 176,000 11,300 187,300 Bal . + + 0 . 0 + 0 d. 174,850 (330) + 174,520 + 1,150 330 1,480 + + S > + 330 330 Bal + 11,300 + 0 + 187,300 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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