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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
Transcribed Image Text: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
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