A company has the following transactions in the month of January 2023: Issued 10,000 shares of common
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Question:
A company has the following transactions in the month of January 2023:
- Issued 10,000 shares of common stock at $10 per share
- Purchased office equipment for $20,000 with a $5,000 down payment and a $15,000 loan
- Paid $5,000 in salaries
- Collected $12,000 in accounts receivable
- Paid $7,000 on the loan for the office equipment
Determine the effect of these transactions on the company's equity.
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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