During 2022, Pharoah Company entered into the following transactions. 1. Purchased equipment for $284,370 cash....
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During 2022, Pharoah Company entered into the following transactions. 1. Purchased equipment for $284,370 cash. 2. 3. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (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 3-4 for example.) (1) (2) Issued common stock to investors for $136,980 cash. Purchased inventory of $71,620 on account. (3) Cash $ + Inventory $ Assets + Equipment I $ Liabilities Accounts Payable $
During 2022, Pharoah Company entered into the following transactions. 1. Purchased equipment for $284,370 cash. 2. Issued commonstock to investors for $136,980 cash. 3. Purchased inventory of $71,620 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decredse in Assets, Liabilities or Stockholders' Equity, ploce o negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example)
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