Blossom Services Corporation had the following accounts and balances: Accounts payable 2$ Equipment $ 28600 34300 Accounts receivable 5400 Land 34600 Buildings 75000 Unearned service 10500 revenue Cash 14750 Total stockholders' ? equity

Blossom Services Corporation had the following accounts and balances: Accounts payable 2$ Equipment $ 28600 34300 Accounts receivable 5400 Land 34600 Buildings 75000 Unearned service 10500 revenue Cash 14750 Total stockholders' ? equity

Name: Blossom Services Corporation had the following accounts and balances:
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Description: Blossom Services Corporation had the following accounts and balances:Accounts payable2$Equipment2860034300Accounts receivable5400Land34600Buildings75000Unearned service10500revenueCash14750Total stockholders'?equityIf Blossom paid $ 5200 of Accounts

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Blossom Services Corporation had the following accounts and balances:
Accounts payable
2$
Equipment
28600
34300
Accounts receivable
5400
Land
34600
Buildings
75000
Unearned service
10500
revenue
Cash
14750
Total stockholders'
?
equity
If Blossom paid $ 5200 of Accounts Payable in cash, total liabilities and stockholders' equity would be
O $83850
O $ 130250
O $ 116850
$ 158850

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