Lisa's Floral Arrangements, Inc. had the following transactions in the month of January: The owners invested...
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Lisa's Floral Arrangements, Inc. had the following transactions in the month of January: The owners invested $200,000 (the par value of the stock) for 20,000 shares of common stock; the company purchased furniture for the florist shop in the amount of $28,000, which was put on a credit account with the vendor; and the company paid employees wages of $7,500 in cash. What is the effect of each of these transactions on the accounting equation? (Enter the transactions in the order they are presented. If an input field is not used in the table leave the input field empty; do not enter a zero. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: Acc. OCI = Accumulated Other Comprehensive Income; Beg. R/E = Beginning Retained Earnings; Contr. Cap. = Contributed Capital.) Liabilities + Stockholders' Equity Assets = Cash + Furniture = Liabilities + + Contr. + Acc. + Cap. OCI + + Beg. R/E Ending Retained Earnings + Service - Expenses Revenue and Losses + Dividends Declared Lisa's Floral Arrangements, Inc. had the following transactions in the month of January: The owners invested $200,000 (the par value of the stock) for 20,000 shares of common stock; the company purchased furniture for the florist shop in the amount of $28,000, which was put on a credit account with the vendor; and the company paid employees wages of $7,500 in cash. What is the effect of each of these transactions on the accounting equation? (Enter the transactions in the order they are presented. If an input field is not used in the table leave the input field empty; do not enter a zero. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: Acc. OCI = Accumulated Other Comprehensive Income; Beg. R/E = Beginning Retained Earnings; Contr. Cap. = Contributed Capital.) Liabilities + Stockholders' Equity Assets = Cash + Furniture = Liabilities + + Contr. + Acc. + Cap. OCI + + Beg. R/E Ending Retained Earnings + Service - Expenses Revenue and Losses + Dividends Declared
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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