Analyze each of the following transactions by showing its effects on the accounting equation-specifically identify the accounts and amounts (including or-for each January 1 Purchased equipment for $45,000 cash, Estimated useful life is six years and salvage value is $10,000. January 2 Paid $5,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $340 cash for winor repair costs to equipment. Date January 01 January 01 January 02 January 02 August 15 Assets Liabilities . Equity
Analyze each of the following transactions by showing its effects on the accounting equation-specifically identify the accounts and amounts (including or-for each January 1 Purchased equipment for $45,000 cash, Estimated useful life is six years and salvage value is $10,000. January 2 Paid $5,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $340 cash for winor repair costs to equipment. Date January 01 January 01 January 02 January 02 August 15 Assets Liabilities . Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Analyze each of the following transactions by showing its effects on the accounting equation-specifically, identify the accounts and
amounts including or -) for each
January 1 Purchased equipment for $45,000 cash. Estimated useful life is six years and salvage value is $10,000.
January 2 Paid $9,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value.
August 15 Paid $340 cash for winor repair costs to equipment.
Date
January 01
January 01
January 02
January 02
August 15
Assets
W
=
*
Liabilities
*
4
Equity
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