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1 A company had the following transactions. 2:56 a. The company finished work for a client and immediately collected $16,200 cash. b. The company purchased supplies for $800 cash. c. The company purchased $260 of additional supplies on credit. d. The company purchased land for $9,600 cash. e. The company paid $10,600 cash for this month's rent. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Note that Expenses are subtracted from equity in the accounting equation. Therefore, increases to expenses should be entered as positive values. Assets Cash + Supplies + Equipment + Land = Liabilities Accounts Payable Equity + Revenues Expenses + + + a. + - + + + b. Balance 0 + + 0 + 0 = 0 + 0 - 0 + + + = + C. Balance 0 d. ++ 0 + 0 + 0 = 0 + 0 0 + + = Balance 0 + 0 + ++ 0 ++ 0 = 0 = +++ - 0 - 0 e. Balance $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

1 A company had the following transactions. 2:56 a. The company finished work for a client and immediately collected $16,200 cash. b. The company purchased supplies for $800 cash. c. The company purchased $260 of additional supplies on credit. d. The company purchased land for $9,600 cash. e. The company paid $10,600 cash for this month's rent. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Note that Expenses are subtracted from equity in the accounting equation. Therefore, increases to expenses should be entered as positive values. Assets Cash + Supplies + Equipment + Land = Liabilities Accounts Payable Equity + Revenues Expenses + + + a. + - + + + b. Balance 0 + + 0 + 0 = 0 + 0 - 0 + + + = + C. Balance 0 d. ++ 0 + 0 + 0 = 0 + 0 0 + + = Balance 0 + 0 + ++ 0 ++ 0 = 0 = +++ - 0 - 0 e. Balance $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1 A company had the following transactions. 2:56 a. The company finished work for a client and immediately collected $16,200 cash. b. The company purchased supplies for $800 cash. c. The company purchased $260 of additional supplies on credit. d. The company purchased land for $9,600 cash. e. The company paid $10,600 cash for this month's rent. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Note that Expenses are subtracted from equity in the accounting equation. Therefore, increases to expenses should be entered as positive values. Assets Cash + Supplies + Equipment + Land = Liabilities Accounts Payable Equity + Revenues Expenses + + + a. + - + + + b. Balance 0 + + 0 + 0 = 0 + 0 - 0 + + + = + C. Balance 0 d. ++ 0 + 0 + 0 = 0 + 0 0 + + = Balance 0 + 0 + ++ 0 ++ 0 = 0 = +++ - 0 - 0 e. Balance $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Transcribed Image Text:1 A company had the following transactions. 2:56 a. The company finished work for a client and immediately collected $16,200 cash. b. The company purchased supplies for $800 cash. c. The company purchased $260 of additional supplies on credit. d. The company purchased land for $9,600 cash. e. The company paid $10,600 cash for this month's rent. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Note that Expenses are subtracted from equity in the accounting equation. Therefore, increases to expenses should be entered as positive values. Assets Cash + Supplies + Equipment + Land = Liabilities Accounts Payable Equity + Revenues Expenses + + + a. + - + + + b. Balance 0 + + 0 + 0 = 0 + 0 - 0 + + + = + C. Balance 0 d. ++ 0 + 0 + 0 = 0 + 0 0 + + = Balance 0 + 0 + ++ 0 ++ 0 = 0 = +++ - 0 - 0 e. Balance $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
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