Brief Exercise 3-3 During 2017, Crane Company entered into the following transactions....
60.1K
Verified Solution
Link Copied!
Question
Accounting
Brief Exercise 3-3
During 2017, Crane Company entered into the following transactions.
1.
Purchased equipment for $293,530 cash.
2.
Issued common stock to investors for $139,730 cash.
3.
Purchased inventory of $65,520 on account.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (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 3-3 for example.)
Assets
=
Liabilities
+
Stockholders Equity
Cash
+
Inventory
+
Equipment
=
Accounts Payable
+
Common Stock
+
Retained Earnings
(1)
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
(2)
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
(3)
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
