Complete the following chart to show the impact on the accounting equation from each transaction. Assets Liabilities

Complete the following chart to show the impact on the accounting equation from each transaction.

Transcribed Image Text:

Assets Liabilities Stockholders' equity Date Description Increase Decrease Increase Decrease Increase Decrease Jan 2 Purchased office supplies on account for $500 Jan 4 Issued com- mon stock for cash for $5,000 Jan 10 Performed services on account for $2,000 Jan 15 Paid amount owed to ven- dor for the office supplies purchased on account on January 2 Jan 18 Performed services for cash $200 Jan 21 Received cash for payment on account from revenue on January 10 Jan 31 Paid employ- ees for monthly pay- roll $1,500