+1 QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company a. The owner invested $16,400 cash in the company b. The company purchased supplies for $850 cash. c. The owner invested $10,700 of equipment in the company in exchange for more common stock. d. The company purchased $270 of additional supplies on credit. e. The company purchased land for $9,700 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number Balance after a and b |C Balance after c d Balance after d Balance after e Cash * . + + Assets Supplies Equipment * + . . + + . . + . Land # ... E W W Liabilities Accounts Payable + . + * + + * Common Stock Equity Dividends + + + • + + Revenue Expenses

+1 QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company a. The owner invested $16,400 cash in the company b. The company purchased supplies for $850 cash. c. The owner invested $10,700 of equipment in the company in exchange for more common stock. d. The company purchased $270 of additional supplies on credit. e. The company purchased land for $9,700 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number Balance after a and b |C Balance after c d Balance after d Balance after e Cash * . + + Assets Supplies Equipment * + . . + + . . + . Land # ... E W W Liabilities Accounts Payable + . + * + + * Common Stock Equity Dividends + + + • + + Revenue Expenses

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Description: +1QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1The following transactions were completed by the companya. The owner invested $16,400 cash in the companyb. The company purchased supplies for

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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$ 16,000 3,700 3,850 Net income Cash dividends paid to stockholders Cash proceeds from sale of land Cash proceeds from bank loan Cash payment (principal) on bank loan Cash paid to purchase equipment The company would report net cash provided by (used in) investing activities of: 10,100 2,800 7,400
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