ARYA Company Handout

Acctg $1($Chap $1)$

The following table show the effects of several transactions on the assets, liabilities, and equity for Arya Company.

Cash

Accounts

Receivable

Store

Supplies

Truck

Accounts

Payable

Common

Stock

Rever

Revenue

$\backslash$table$[[$EXAMPLE$,$Receivable,Supplies,,$+$$$40,000,,],[+$$$40,000,,,=,,],[,,,,,,,],[$A$,,+600,,=,,,+600],[,,,,,,,],[B,+1,300,,,=,,,+1,300$

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ARYA Company Handout Acctg 1 (Chap 1) The following table show the effects of several transactions on the assets, liabilities, and equity for Arya Company. EXAMPLE A B C D E F G A B C D G Cash E + $40,000 + 1,300 - 440 + 500 + 100 - 175 Accounts Receivable + 600 - 500 - 100 Store Supplies + 440 + 175 Truck = = = = = = Accounts Common Payable Stock + $40,000 REQUIRED: For each transaction A through G above, write out a description of the most likely transaction that occurred. Look at EXAMPLE listed above, along with written explanation below, to illustrate what to do with A-G. + 175 What happened in? EXAMPLE The owner (Arya) invests $40,000 of personal cash into the company in exchange for common stock. - 175 Consulting Revenue + 600 + 1,300 ARYA Company Handout Acctg 1 (Chap 1) The following table show the effects of several transactions on the assets, liabilities, and equity for Arya Company. EXAMPLE A B C D E F G A B C D G Cash E + $40,000 + 1,300 - 440 + 500 + 100 - 175 Accounts Receivable + 600 - 500 - 100 Store Supplies + 440 + 175 Truck = = = = = = Accounts Common Payable Stock + $40,000 REQUIRED: For each transaction A through G above, write out a description of the most likely transaction that occurred. Look at EXAMPLE listed above, along with written explanation below, to illustrate what to do with A-G. + 175 What happened in? EXAMPLE The owner (Arya) invests $40,000 of personal cash into the company in exchange for common stock. - 175 Consulting Revenue + 600 + 1,300

Answer rating: 100% (QA)

ANSWER A Arya Company received 40000 in cash from a customer as payment for servic... View the full answer