9 Required information The following information applies to the questions displayed below. Randy's Restaurant Company (RRC) entered into the following transactions during a recent year. April 1 Purchased equipment (a new walk-in cooler) for $6,600 by paying $1,800 cash and signing a $4,800 April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost due in six months. Aprihote due of $3,800, purchased on account April 30 Wrote a check for the amount owed on account for the work completed on April 2. May A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $200 cost June 1 Paid $11,040 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region Required: 1-a. Complete the table below, indicating the account, amount and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date Assets Liabilities Stockholders' Equity April 01 April 02 April 30 May 01 June 01
9 Required information The following information applies to the questions displayed below. Randy's Restaurant Company (RRC) entered into the following transactions during a recent year. April 1 Purchased equipment (a new walk-in cooler) for $6,600 by paying $1,800 cash and signing a $4,800 April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost due in six months. Aprihote due of $3,800, purchased on account April 30 Wrote a check for the amount owed on account for the work completed on April 2. May A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $200 cost June 1 Paid $11,040 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region Required: 1-a. Complete the table below, indicating the account, amount and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date Assets Liabilities Stockholders' Equity April 01 April 02 April 30 May 01 June 01
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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