Check my work mode: This shows what is correct or incorrect for the work youhave completed so far. It does not indicate completion. 2 The followingtransactions were completed by the company. a. The owner invested $17, 600cash in the company in exchange for its common stock. 12 b. The companypurchased supplies for $1,150 cash. c. The owner invested $11, 300 ofequipment in the company in exchange for more common stock. d. Thecompany purchased $330 of additional supplies on credit. e. The companypurchased land for $10, 300 cash. Required: Enter the impact of eachtransaction on individual items of the accounting equation. Note: Enterdecreases to account balances with a minus sign. 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 chc. The owner invested $11,300 of equipment in the company in exchange for more common stockd. The company purchased $330 of additional supplies on credit.The company purchased land for $10,300 cashRequired:Enter the impact of each transaction on Individual items of the accounting equation.Note: Enter decreases to account balances with a minus sign.TransactionsBalason after and bBalance afterBalance afterBalance arCash$ 17,600+1,10018,75015,450 Ⓒ+35,20015,490$1,650+-10300Ⓒ.51,650PaselsSupplies ++$ 1.100+1,1501,150+++330 +1,400 ++1,480 +Equipment11,300.11.300.11.30011.300+++++Answer is complete but not entirely correct.LibilitiesAccountsPayablLand$D0D|-.-10,30010,300 .$++a +++0330Ⓒ+330++CommonStock$17.60017,80011,300-28,90021,90028,900DividendsD0D0Equity++++++D00ExpensesDD0

Horizontal analysis is a statement that shows the effect of each transaction on the balance sheet…

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.

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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The following transactions were completed by the company: The owner invested $15,000 cash in the company in exchange for its common stock. The company purchased supplies for $500 cash. The owner invested $10,000 of equipment in the company in exchange for more common stock. The company purchased $200 of additional supplies on credit. The company purchased land for $9,000 cash. Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
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! Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,750 cash in the company in exchange for common stock. b. The company purchased supplies for $515 cash. c. The company purchased $9,816 of equipment on credit. d. The company received $2,095 cash for services provided to a customer. e. The company paid $9,816 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,763 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,580 cash as partial payment for the account receivable created in transaction f i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts…
A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet? $ 110,000 $ 90,000 $ 100,000 $120,000
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock 5. Pay $8,000 owed to a supplier 6. Borrow $55,000 from a bank 7. Buy $17,000 worth of manufacturing supplies on credit What is the net change in Total Equity?
I am assuming here some of the business transactions as below: Aug 1 Business started with Capital $ 100,000 Aug 5 Equipment purchased with cash $ 20,000 Aug 10 Goods purchased on account $ 20,000 Aug 15 Goods sold on cash $ 25,000 Aug 20 Cash Paid for Goods purchased on 10 august $ 20,000 Aug 25 Cash paid for Rent $ 10,000 Aug 30 Salaries paid to staff $ 10,000 now lets see impact on accounting Equation of above transactions. Accounting Equation Assets = Equity + Liability Cash + Account receivables + Equipment = Capital + Retained earnings + Accounts payable Aug-01 1,00,000 + + = 1,00,000 + + Aug-05 -20000 + + 20,000 = + + Aug-10 + + = + -20,000 + 20,000 Aug-15 25,000 + + = + 25000 + Aug-20 -20,000 + + = + + -20000 Aug-25 -10,000 + + = + -10000 + Aug-30 -10000 + + = + -10000 + Total 65,000 + 0 20,000 = 1,00,000 -15,000…
7. Purchased more office supplies from General Office Company for $1,500 on account. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for Describe the impact on company value Maquoketa Services adds a liability (Accounts Payable) for $1,500 pertaining to office supplies. Describe the portions of the transaction occurring currently and describe portions of transaction that is being deferred (postponed) Was cash exchanged in the transaction?
June 1 Sarah Walker, the owner, invested $112,000 cash, office equipment with a value of $8,000, and $66,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $52,000 for an office by paying $10,500 cash and signing a long-term note payable for $41,500. June 3 The company purchased a portable building with $52,000 cash and moved it onto the land acquired on June 2. June 4 The company paid $4,800 cash for the premium on an 18-month insurance policy. June 5 The company completed and delivered a set of plans for a client and collected $8,600 cash. June 6 The company purchased $23,600 of additional drafting equipment by paying $12,500 cash and signing a long-term note payable for $11,100. June 7 The company completed $18,800 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $1,450 of additional office equipment on credit. June 9 The company completed…
The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. 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. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
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