Question - 20 THE ACCOUNTING EQUATION CCOUNTING EQUATION Help Sa 2.4 (Algo) Determining Financial Statement Effects of Several Transactions (LO 2-1, LO 2.2) e following events occurred for Favota Company Received $17,000 cash from owners and issued stock to them Borrowed $14,000 cash from a bank and signed a note due later this year Bought and received $1500 of equipment on account Purchased land for $26,000; paid $2,400 in cash and signed a long term note for $23,600 Purchased $10,000 of equipment, paid $2,400 in cash and charged the rest on account equired: or each of the events (a) through fel perform transaction analysis and indicate the account, amount and direction of the effect on the ccounting equation (Enter any decreases to account balances with a minus sign) Event Assets Stockholders' Accu Recebe 17.000 OP Accounts Receivable Land - 10 20.000 d Prev 1 of 3 Next > MacBook EL