Analyzing Transactions

Prepare a table to summarize the following transactions as they affect the accounting equation.

2. Services provided on account of $1,830
4. Purchases of supplies on account for $1,455
6. Services provided for cash of $550
8. Purchase of equipment for cash of $4,870
10. Issuance of a promissory note for $2,500
12. Collections on account for $895
14. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000
16. Payment of $4,000 in salaries and wages
18. Payment of open account in the amount of $500

If an account is unaffected by a transaction, enter "0". Use the minus sign to indicate decreases or negative balances.

Assets												=	Liabilities						+	Shareholders' Equity
#	Cash		Accounts Receivable			Equipment		Land		Supplies			Accounts Payable			Note Payable				Capital Stock		Retained Earnings
1	$		$			$		$		$			$			$				$		$
2
Bal.	$		$			$		$		$			$			$				$		$
3
Bal.	$		$			$		$		$			$			$				$		$
4
Bal.	$		$			$		$		$			$			$				$		$
5
Bal.	$		$			$		$		$			$			$				$		$
6
Bal.	$		$			$		$		$			$			$				$		$
7
Bal.	$		$			$		$		$			$			$				$		$
8
Bal.	$		$			$		$		$			$			$				$		$
9
Bal.	$		$			$		$		$			$			$				$		$
Total Assets			$										Total Liabilities and Shareholders' Equity

Answer rating: 100% (QA)

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