Consider the following transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction details. Determine the new balance for each component of the accounting equation (assets, liabilities, owner's equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank. Transaction Beginning Assets = $0 Liabilities + $0 Owner's Equity $0 1. Investment in the business 2. Borrow cash 3. Purchase equipment 171,600 X 171,600 X 25,100 X 79,400 X 176,000 X 25,100 X 79,400 X 17,600 X 4. Revenues earned 323,700 X 79,400 X 315,760 X 5. Expenses incurred 112,900 X 79,400 X 104,960 X 6. Distributions 98,700 X 79,400 X 90,760 X

Consider the following transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction details. Determine the new balance for each component of the accounting equation (assets, liabilities, owner's equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank. Transaction Beginning Assets = $0 Liabilities + $0 Owner's Equity $0 1. Investment in the business 2. Borrow cash 3. Purchase equipment 171,600 X 171,600 X 25,100 X 79,400 X 176,000 X 25,100 X 79,400 X 17,600 X 4. Revenues earned 323,700 X 79,400 X 315,760 X 5. Expenses incurred 112,900 X 79,400 X 104,960 X 6. Distributions 98,700 X 79,400 X 90,760 X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5GI: Explain how the accounting equation organizes financial information using T-accounts and debits and...

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