Question: Classify each of the following events as affecting assets liabilities

Classify each of the following events as affecting assets, liabilities, or owners’ equity (contribution by owners or distributions to owners) for Buckingham Company. Note that these events impact more than one element. Assume Buckingham uses the accrual basis of income determination.
A. Buckingham Company borrows $ 200,000 from the bank.
B. Buckingham Company buys a building for $ 125,000 in cash.
C. One of the owners of Buckingham Company contributes $ 15,000 in computer equipment to the company.
D. Buckingham Company distributes a $ 5,000 cash dividend to the owners.

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  • CreatedMarch 25, 2015
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