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37. Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (+, -, or NC for no change) in each box of the table below.

37. Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (+, -, or NC for no change) in each box of the table below.

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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ced E/1Y Add 37. Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (+, -, or NC for no change) in each box of the table below. Owner's Assets Liabilities Equity I. (a) Shiny Kar withdrew $500 cash for food (b) Shiny Kar Company sold 2 cars for a total of $55,000 on account (c) Shiny Kar received a $35,000 payment for a car previously sold on account (d) Shiny Kar paid $450 for advertising (e) Shiny Kar purchased $150 of cleaning supplies on account
Transcribed Image Text:ced E/1Y Add 37. Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (+, -, or NC for no change) in each box of the table below. Owner's Assets Liabilities Equity I. (a) Shiny Kar withdrew $500 cash for food (b) Shiny Kar Company sold 2 cars for a total of $55,000 on account (c) Shiny Kar received a $35,000 payment for a car previously sold on account (d) Shiny Kar paid $450 for advertising (e) Shiny Kar purchased $150 of cleaning supplies on account
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