Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2 The following transactions were completed by the company. a. The owner invested $17, 600 cash in the company in exchange for its common stock. 12 b. The company purchased supplies for $1,150 cash. c. The owner invested $11, 300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10, 300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign.
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2 The following transactions were completed by the company. a. The owner invested $17, 600 cash in the company in exchange for its common stock. 12 b. The company purchased supplies for $1,150 cash. c. The owner invested $11, 300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10, 300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Check my work mode: This shows what is correct or incorrect for the work you
have completed so far. It does not indicate completion. 2 The following
transactions were completed by the company. a. The owner invested $17, 600
cash in the company in exchange for its common stock. 12 b. The company
purchased supplies for $1,150 cash. c. The owner invested $11, 300 of
equipment in the company in exchange for more common stock. d. The
company purchased $330 of additional supplies on credit. e. The company
purchased land for $10, 300 cash. Required: Enter the impact of each
transaction on individual items of the accounting equation. Note: Enter
decreases to account balances with a minus sign.

Transcribed Image Text:The following transactions were completed by the company.
a The owner invested $17600 cash in the company in exchange for its common stock.
b. The company purchased supplies for $1,150 ch
c. The owner invested $11,300 of equipment in the company in exchange for more common stock
d. The company purchased $330 of additional supplies on credit.
The company purchased land for $10,300 cash
Required:
Enter the impact of each transaction on Individual items of the accounting equation.
Note: Enter decreases to account balances with a minus sign.
Transactions
Balason after and b
Balance after
Balance after
Balance ar
Cash
$ 17,600+
1,100
18,750
15,450 Ⓒ+
35,200
15,490
$1,650
+
-10300Ⓒ.
51,650
Pasels
Supplies +
+
$ 1.100+
1,150
1,150
+
+
+
330 +
1,400 +
+
1,480 +
Equipment
11,300
.
11.300.
11.300
11.300
+
+
+
+
+
Answer is complete but not entirely correct.
Libilities
Accounts
Payabl
Land
$
D
0
D
|-
.
-
10,300
10,300 .
$
+
+
a +
+
+
0
330Ⓒ+
330
+
+
Common
Stock
$17.600
17,800
11,300-
28,900
21,900
28,900
Dividends
D
0
D
0
Equity
+
+
+
+
+
+
D
0
0
Expenses
D
D
0
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