1. Enter the amount of each transaction on individual items of the accounting equation. Note: Enter the transactions in the given order. 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. Select "NA" for account titles if the transaction does not include an expense. = Liabilities Assets Date Cash + Accounts Receivable + Equipment = II May 1 + + = May 1 + + = May 3 May 5 May 8 + + + + II = Accounts Payable + + + = + Equity Account Titles Common Dividends Revenues + - Expenses for Expenses Stock + May 12 + May 15 + May 20 + ++++ = + = + = + = + May 22 + + = + May 25 + + = + May 26 + May 27 + + + = + = + May 28 + May 30 + May 30 + +++ = + = + = + May 31 + = + $ 0 EA $ 0+ ᏌᏊ $ 0 = EA 0 + I + + + I + I | | | I I $ 0 I + + + + + + + + $ 0 + + + + + I ||| $ 0 EA 0
1. Enter the amount of each transaction on individual items of the accounting equation. Note: Enter the transactions in the given order. 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. Select "NA" for account titles if the transaction does not include an expense. = Liabilities Assets Date Cash + Accounts Receivable + Equipment = II May 1 + + = May 1 + + = May 3 May 5 May 8 + + + + II = Accounts Payable + + + = + Equity Account Titles Common Dividends Revenues + - Expenses for Expenses Stock + May 12 + May 15 + May 20 + ++++ = + = + = + = + May 22 + + = + May 25 + + = + May 26 + May 27 + + + = + = + May 28 + May 30 + May 30 + +++ = + = + = + May 31 + = + $ 0 EA $ 0+ ᏌᏊ $ 0 = EA 0 + I + + + I + I | | | I I $ 0 I + + + + + + + + $ 0 + + + + + I ||| $ 0 EA 0
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...
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Transcribed Image Text:1. Enter the amount of each transaction on individual items of the accounting equation.
Note: Enter the transactions in the given order. 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. Select
"NA" for account titles if the transaction does not include an expense.
=
Liabilities
Assets
Date
Cash
+
Accounts
Receivable
+ Equipment
=
II
May 1
+
+
=
May 1
+
+
=
May 3
May 5
May 8
+
+
+
+
II
=
Accounts
Payable
+
+
+
=
+
Equity
Account Titles
Common
Dividends
Revenues
+
-
Expenses
for Expenses
Stock
+
May 12
+
May 15
+
May 20
+
++++
=
+
=
+
=
+
=
+
May 22
+
+
=
+
May 25
+
+
=
+
May 26
+
May 27
+
+
+
=
+
=
+
May 28
+
May 30
+
May 30
+
+++
=
+
=
+
=
+
May 31
+
=
+
$ 0
EA
$
0+
ᏌᏊ
$
0 =
EA
0
+
I
+
+
+
I
+
I
| | |
I
I
$
0
I
+
+
+
+
+
+
+
+
$
0
+
+
+
+
+
I
|||
$ 0
EA
0
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