Question: Goal Systems a business consulting firm engaged in the following

Goal Systems, a business consulting firm, engaged in the following transactions:
a. Sold common stock for $50,000 cash
b. Borrowed $20,000 from a bank
c. Purchased equipment for $7,000 cash
d. Prepaid rent on office space for six months in the amount of $6,600
e. Performed consulting services in exchange for $4,300 cash
f. Performed consulting services on credit in the amount of $16,000
g. Incurred and paid wage expense of $7,500
h. Collected $7,200 of the receivable arising from transaction f
i. Purchased supplies for $1,100 on credit
j. Used $800 of the supplies purchased in transaction i
k. Paid for all of the supplies purchased in transaction i
For each transaction described above, indicate the effects on assets, liabilities, and stockholders’ equity using the format below.

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  • CreatedSeptember 22, 2015
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