Brief Exercise 3-3 During 2017, Sheridan Company entered into the following transactions. 1. Purchased equipment...
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Brief Exercise 3-3 During 2017, Sheridan Company entered into the following transactions. 1. Purchased equipment for $313,650 cash. 2. Issued common stock to investors for $136,360 cash 3. Purchased inventory of $70,990 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, Liablity or Equity item that was reduced. See Ilustration 3-3 for example.) Assets Liabilities+ Stockholders' Equity Cash Inventory Equipment Accounts Payable +Common Stock +Retained Earnings Click if you would like to Show Work for this question: Open Show Work
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