Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity.
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Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity.
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A. B. C. D. Received cash from issuance of common stock Sold goods to customers on account Collected cash from customer sales made in previous month Paid cash to vendors for supplies delivered last month E. Purchased inventory on account Impact 1 Impact 2
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
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