Brief Exercise 2-30 (Algorithmic) Transaction Analysis Galle Inc. entered into the following transactions during January...
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Brief Exercise 2-30 (Algorithmic) Transaction Analysis Galle Inc. entered into the following transactions during January a. Barrowed $200,000 from First Street Bank by signing a note payable. b. Purchased 125,000 of equipment for cash. c. Paid 51,750 to landiord for rent for January. d. Performed services for customers on account, $10,000. e. Collected $3,000 from customers for services performed in Transaction d. f. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the ceils biank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item, enter " 0 since the net effect on the item is zero
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