Question: Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to
revenues or expenses in the far right column. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative
sign or parentheses in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration for
example.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to
revenues or expenses in the far right column. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative
sign or parentheses in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration for
example.On April Skysong, Inc. was established. These transactions were completed during the month.
Stockholders invested $ cash in the company in exchange for common stock.
Paid $ cash for April office rent.
Purchased office equipment for $ cash.
Purchased $ of advertising in the Chicago Tribune, on account.
Paid $ cash for office supplies.
Performed services worth $ Cash of $ is received from customers, and the balance of $ is billed to
customers on account.
Paid $ cash dividends.
Paid Chicago Tribune amount due in transaction
Paid employees' salaries $
Received $ in cash from customers billed previously in transaction
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