Chapter $2$ Homework

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E$2-10($Algo$)$ Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact $[$LO $2-2,$ LO $2-3,$ LO $2-4]$

$[$The following information applies to the questions displayed below.$]$

Rawlco Communications operates $15$ radio stations. The following events occurred during September.

a$.$ Placed an order for office supplies costing $$2,800.$ Supplier intends to deliver later in the month.

b$.$ Purchased equipment that cost $$33,000$; paid $$15,000$ cash and signed a promissory note to pay $$18,000$ in one month.

c$.$ Negotiated and signed a one$-$year bank loan, and then deposited $$7,000$ cash in the company's checking account.

d$.$ Hired a new finance manager on the last day of the month.

e$.$ Received an investment of $$13,000$ cash from the company's owners in exchange for issuing common shares.

$f$ Supplies $[$ordered in $($a$)]$ were received, along with a bill for $$2,800.$

E$2-10($Algo$)$ Part $1$

Required:

Indicate the specific account, amount, and direction of effects for each transaction on the radio station's accounting equation. If an event is not considered a transaction, leave the account, amount and direction of effects blank. $($Enter any decreases to account balances with a minus sign.$)$

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