QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following...

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QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company a. The owner invested $18,600 cash in the company b. The company purchased supplies for $1,400 cash c. The owner invested $11,800 of equipment in the company in exchange for more common stock. d. The company purchased $380 of additional supplies on credit. e. The company purchased land for $10,800 cash. Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign.) Transactions Number b. Balance after a and b C Balance after c d Balance after d 0. Balance after e Cash $ 18,000+ 18,600 18,600 + 18,000 + 18,600 * + • + . Assets Supplies 1,400 + Equipment + $ 1,400. 1,400+ 1,400 + + ✦ + ♦ . 1.400 + 0 + 0 0 + 0 . * 4 * * + Land 0 0 0 0 = Liabilities Accounts Payable . . . . .. . . ... 0 * 0 + + 0 * + * + 0. Common Stock 0 0 0 0 ******* Equity Dividends 0 0. 0 . + Revenue + + . . + 0- 0 0 0 . Expenses 0 0 0 0 Ch QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company a. The owner invested $18,600 cash in the company b. The company purchased supplies for $1,400 cash c. The owner invested $11,800 of equipment in the company in exchange for more common stock. d. The company purchased $380 of additional supplies on credit. e. The company purchased land for $10,800 cash. Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign.) Transactions Number b. Balance after a and b C Balance after c d Balance after d 0. Balance after e Cash $ 18,000+ 18,600 18,600 + 18,000 + 18,600 * + • + . Assets Supplies 1,400 + Equipment + $ 1,400. 1,400+ 1,400 + + ✦ + ♦ . 1.400 + 0 + 0 0 + 0 . * 4 * * + Land 0 0 0 0 = Liabilities Accounts Payable . . . . .. . . ... 0 * 0 + + 0 * + * + 0. Common Stock 0 0 0 0 ******* Equity Dividends 0 0. 0 . + Revenue + + . . + 0- 0 0 0 . Expenses 0 0 0 0 Ch

Answer rating: 100% (QA)

a b Cash 1400 1400 Bal 17200 1400 18600 d Supplies Equipment L... View the full answer