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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...
Related questions
Question
Help!
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,