1. Received $50,000 cash and issued stock to the owners 2. Paid $40,000 cash for land Bought $3,700 of supplies on account Received $7,000 cash from 4. customers for service revenue earned 3. 11. For each Item, Indicate the Impact of that transaction on assets, llabilities, and equity. Assume that all transactions, unless stated otherwise, are in cash. 5. Transaction Performed services for customers on account, $3,000 Paid cash expenses: rent, $1,100; 6. employee salary, $1,200; utilities, $400 Assets (increase + or decrease -) = Liabilities (increase + or decrease-) + Equity (increase + or decrease -)

1. Received $50,000 cash and issued stock to the owners 2. Paid $40,000 cash for land Bought $3,700 of supplies on account Received $7,000 cash from 4. customers for service revenue earned 3. 11. For each Item, Indicate the Impact of that transaction on assets, llabilities, and equity. Assume that all transactions, unless stated otherwise, are in cash. 5. Transaction Performed services for customers on account, $3,000 Paid cash expenses: rent, $1,100; 6. employee salary, $1,200; utilities, $400 Assets (increase + or decrease -) = Liabilities (increase + or decrease-) + Equity (increase + or decrease -)

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Description: the question is attached in the screenshotthanthanks! 1.N2.3.4.5.11. For each Item, Indicate the Impact of that transaction on assets, llabilities, and equity. Assumethat all transactions, unless stated otherwise, are in cash.TransactionReceived $50,

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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