The following transactions were completed by the company. a. The owner invested $15,000 cash in the...
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The following transactions were completed by the company. a. The owner invested $15,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $500 cash. c. The owner invested $10,000 of equipment in the company in exchange for more common stock. d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) a. b. Bal. C. Bal. d. Bal. e. Bal. Cash 0 0 + + + + + + + 0 + + 0 + Supplies Assets 0 0 0 0 + + + + ++++++ Equipment + 0 0 0 0 + + + + + + +++ Land 0 0 0 0 = Liabilities Accounts Payable = = = = = = = = = = 0 0 0 0 + + + + + + + + + + + Common Stock 0 0 0 0 Equity Dividends + Revenue 0 0 0 0 + + + + + + + + + 0 0 0 - - - 0 - Expenses 0 0 0 0 The following transactions were completed by the company. a. The owner invested $15,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $500 cash. c. The owner invested $10,000 of equipment in the company in exchange for more common stock. d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) a. b. Bal. C. Bal. d. Bal. e. Bal. Cash 0 0 + + + + + + + 0 + + 0 + Supplies Assets 0 0 0 0 + + + + ++++++ Equipment + 0 0 0 0 + + + + + + +++ Land 0 0 0 0 = Liabilities Accounts Payable = = = = = = = = = = 0 0 0 0 + + + + + + + + + + + Common Stock 0 0 0 0 Equity Dividends + Revenue 0 0 0 0 + + + + + + + + + 0 0 0 - - - 0 - Expenses 0 0 0 0
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Required Answer in Attachment 1 A 2 3 A 4 B 5 Bal 6 C 7 Bal 8 D 9 Bal 10 E 11 Bal 12 B E Ass... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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