The following transactions were completed by the company. a. The owner invested $15,400 cash in...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The following transactions were completed by the company. a. The owner invested $15,400 cash in the company in exchange for its common stock. b. The company purchased supplies for $600 cash. c. The owner invested $10,200 of equipment in the company in exchange for more common stock. d. The company purchased $220 of additional supplies on credit. e. The company purchased land for $9,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Equity Liabilities Accounts Payable Cash + Supplies + Equipment + Land = Common Stock Dividends Revenue Expenses + + a + + + + + b + + + + + Bal 0 + 0 0 + 0 + + 0 = 0 + 0 - 0 + 0 - 0 C. + + + + 0 0 + 0 + 0 + 0 = 0 0 - 01 + 0 0 Bal. d. Bal. + + + + + + + + + + + 0 + 0 + 0 + 0 = 0 0 01 + 0 - 0 + + + + e. + + + = Bal. 0 + + 0 + 0 + 0 0 + 0 0 0 0
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!
