Below is a list of activities for Purple Cow Incorporated. Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a negative.) Stockholders' Transaction Assets Liabilities Equity 1. Provide services to customers on account, $1,790. $ 1,790 $ $ 1,790 2. Pay $260 for current month's rent. 3. Hire a new employee, who will be paid $690 at the end of each month. 4. Pay $110 for advertising aired in the current period. 5. Purchase office supplies for $260 cash. 6. Receive cash of $1,190 from customers in (1) above. 7. Obtain a loan from the bank for $8,900. 8. Receive a bill of $410 for utility costs in the current period. 9. Issue common stock for $11,900 cash. 10. Pay $690 to employee in (3) above. Totals

Below is a list of activities for Purple Cow Incorporated. Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a negative.) Stockholders' Transaction Assets Liabilities Equity 1. Provide services to customers on account, $1,790. $ 1,790 $ $ 1,790 2. Pay $260 for current month's rent. 3. Hire a new employee, who will be paid $690 at the end of each month. 4. Pay $110 for advertising aired in the current period. 5. Purchase office supplies for $260 cash. 6. Receive cash of $1,190 from customers in (1) above. 7. Obtain a loan from the bank for $8,900. 8. Receive a bill of $410 for utility costs in the current period. 9. Issue common stock for $11,900 cash. 10. Pay $690 to employee in (3) above. Totals

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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