Analyze the accounting equation effects of the transactions in M2-17 using the format shown in the chapter, and compute total assets, total liabilities, and total stockholders' equity.
Effects of Transactions In M2-17
a. Ordered and received $12,000 worth of cotton candy machines from Candy Makers Inc., which Sweet Shop Co. will pay for in 45 days.
b. Sent a check for $6,000 to Candy Makers Inc., for the cotton candy machines from (a).
c. Received $400 from customers who bought candy on account in previous months.
d. To help raise funds for store upgrades estimated to cost $20,000, Sweet Shop Co. issued 1,000 shares for $15 each to existing stockholders.
e. Sweet Shop Co. bought ice cream trucks for $60,000 total, paying $10,000 cash and signing a long-term note for $50,000.