Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common...

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Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $50,000 cash. b. Borrowed $10,000 from a bank. c. Purchased equipment for $7,000 cash. d. Prepaid rent on office space for 6 months in the amount of $6,700. e. Performed consulting services in exchange for $5,000 cash. f. Performed consulting services on credit in the amount of $15,000. g. Incurred and paid wage expense of $8,400. I h. Collected $7,400 of the receivable arising from Transaction f. i. Purchased supplies for $1,000 on credit. j. Used $800 of the supplies purchased in Transaction i. k. Paid for all of the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an er the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Stockholders' Equity b. a. C. d. e. f. g. h. i. j. k. Contributed Retained Assets = Liabilities + Capital + Earnings Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $50,000 cash. b. Borrowed $10,000 from a bank. c. Purchased equipment for $7,000 cash. d. Prepaid rent on office space for 6 months in the amount of $6,700. e. Performed consulting services in exchange for $5,000 cash. f. Performed consulting services on credit in the amount of $15,000. g. Incurred and paid wage expense of $8,400. I h. Collected $7,400 of the receivable arising from Transaction f. i. Purchased supplies for $1,000 on credit. j. Used $800 of the supplies purchased in Transaction i. k. Paid for all of the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an er the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Stockholders' Equity b. a. C. d. e. f. g. h. i. j. k. Contributed Retained Assets = Liabilities + Capital + Earnings

Answer rating: 100% (QA)

Heres the analysis of each transaction on assets liabilities and stockholders equity Transaction Ass... View the full answer