5 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 e following transactions were completed by the company. The owner invested $16,000 cash in the company in exchange for its common stock. The company purchased supplies for $750 cash. The owner invested $10,500 of equipment in the company in exchange for more common stock. The company purchased $250 of additional supplies on credit. The company purchased land for $9,500 cash. quired: ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a nus sign.)
5 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 e following transactions were completed by the company. The owner invested $16,000 cash in the company in exchange for its common stock. The company purchased supplies for $750 cash. The owner invested $10,500 of equipment in the company in exchange for more common stock. The company purchased $250 of additional supplies on credit. The company purchased land for $9,500 cash. quired: ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a nus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1
e following transactions were completed by the company.
The owner invested $16,000 cash in the company in exchange for its common stock.
The company purchased supplies for $750 cash.
The owner invested $10,500 of equipment in the company in exchange for more common stock.
The company purchased $250 of additional supplies on credit.
The company purchased land for $9,500 cash.
quired:
ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
nus sign.)
Liabilities
Equity
Assets
Accounts
+.
Common
Stock
Dividends
Revenue
Expenses
Cash
Supplies
Equipment +
Land
Payable
< Prev
Next >
4 of 4
39°F"
Transcribed Image Text:W Cisco
OneL
O Mail
9 Launc
Proble x
O Cours x
9 Questi X
C Get H X
+
p.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi.
YouTube
O MassBay Curriculum
0 Mail - Soares, Marc..
Massbay Nav
OneLogin Microsoft Office Ho..
E My Shelf | Brytewa..
D ADP
Ek study i
Saved
Help
Save & Exit
Subm
Check my work
5 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1
e following transactions were completed by the company.
The owner invested $16,000 cash in the company in exchange for its common stock.
The company purchased supplies for $750 cash.
The owner invested $10,500 of equipment in the company in exchange for more common stock.
The company purchased $250 of additional supplies on credit.
The company purchased land for $9,500 cash.
quired:
ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
nus sign.)
Liabilities
Equity
Assets
Accounts
+.
Common
Stock
Dividends
Revenue
Expenses
Cash
Supplies
Equipment +
Land
Payable
< Prev
Next >
4 of 4
39°F

Transcribed Image Text:nL x
UC Cisco X
OneLc X
O Mail
- X
9 Launc X
E Proble ×
O Cours
Cours X
9 Questi X
C Get H X +
o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi..
- YouTube 9 MassBay Curriculum
O Mail - Soares, Marc...
O Massbay Nav
OneLogin Microsoft Office Ho.
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ick study i
Saved
Help
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Submit
Check my work
ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
nus sign.)
Assets
Liabilities
Equity
%D
Accounts
+ Equipment +
Common
Stock
Cash
Supplies
Land
Dividends
Revenue
Expenses
Payable
+
%3D
-k
al.
+
+
%3D
%3D
at
al.
%3D
nces
%3D
al.
%3D
al.
< Prev
4 of 4
Next >
7:40 F
39°F
2/2/20
ere to search
+ + + ++ +
|+ + + +
++ ++
+ + + +
+++ ++
+ + + +
+
+ + + + + + + + +
Expert Solution
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Step 1
Accounting equation of the business has three elements, Assets, Liabilities and Equity. Total assets must always be equal to total liabilities and equity of the business.
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