10) The company paid its suppliers $367,824 for inventory it had previously purchased on account. Describe...

Transcribed Image Text:

10) The company paid its suppliers $367,824 for inventory it had previously purchased on account. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Liabilities Prepare the appropriate journal entry for this transaction Account Name Debit Credit 11) The company paid wages of $196,183 for work performed during the accounting period. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Liabilities Prepare the appropriate journal entry for this transaction Account Name Debit Credit 12) The company paid a cash dividend of $59,623 to its shareholders. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Liabilities Prepare the appropriate journal entry for this transaction Account Name Debit Credit Equity + Equity + Equity 10) The company paid its suppliers $367,824 for inventory it had previously purchased on account. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Liabilities Prepare the appropriate journal entry for this transaction Account Name Debit Credit 11) The company paid wages of $196,183 for work performed during the accounting period. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Liabilities Prepare the appropriate journal entry for this transaction Account Name Debit Credit 12) The company paid a cash dividend of $59,623 to its shareholders. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Liabilities Prepare the appropriate journal entry for this transaction Account Name Debit Credit Equity + Equity + Equity