5. Falske Computer Timeshare Company entered into the following transactions during May 2017. 1. Purchased computers for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May rent on storage space. 3. Received $17,000 cash from customers for contracts billed in April. 4. Performed computer services for Viking Construction Company for $4,000 cash. 5. Paid Tri-State Power Co. $11,000 cash for energy usage in May. 6. Falske invested an additional $29,000 in the business. 7. Paid Digital Equipment for the computers purchased in (1) above. 8. Incurred advertising expense for May of $1,200 on account. Analyse the above transactions with the extended accounting equation.
5. Falske Computer Timeshare Company entered into the following transactions during May 2017. 1. Purchased computers for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May rent on storage space. 3. Received $17,000 cash from customers for contracts billed in April. 4. Performed computer services for Viking Construction Company for $4,000 cash. 5. Paid Tri-State Power Co. $11,000 cash for energy usage in May. 6. Falske invested an additional $29,000 in the business. 7. Paid Digital Equipment for the computers purchased in (1) above. 8. Incurred advertising expense for May of $1,200 on account. Analyse the above transactions with the extended accounting equation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Assets = Liabilities + shareholders equity.
Please solve this in a table.
Transcribed Image Text:5. Falske Computer Timeshare Company entered into the following transactions during
May 2017.
1. Purchased computers for $20,000 from Digital Equipment on account.
2. Paid $4,000 cash for May rent on storage space.
3. Received $17,000 cash from customers for contracts billed in April.
4. Performed computer services for Viking Construction Company for $4,000 cash.
5. Paid Tri-State Power Co. $11,000 cash for energy usage in May.
6. Falske invested an additional $29,000 in the business.
7. Paid Digital Equipment for the computers purchased in (1) above.
8. Incurred advertising expense for May of $1,200 on account.
Analyse the above transactions with the extended accounting equation.
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