Question: The owner, Sam Smith, took home a copy machine (value $1,000) from the company for her own personal use. He will not return it. TRANSACTION

The owner, Sam Smith, took home a copy machine (value $1,000) from the company for her own personal use. He will not return it.

TRANSACTION ANALYSIS:

  • a.Accounts impacted: name and type
  • b.Debits/credits
  • c.Explain the transaction
  • d.Explain the impact on the balance sheet

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