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...

See similar textbooks

Similar questions

What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
The Effect of Transactions on the Accounting Equation For each of the following transactions, indicate whether it increases (I), decreases (D), or has no effect (NE) on the total dollar amount of each of the elements of the accounting equation.
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 Assets = Liabilities + Owner's Equity Beginning $0 $0 $0 1. Investment in the business The owner of the company invested $16,810 cash into the business 2. Borrow cash The company borrows $7,770 from the local bank 3. Purchase equipment The company pays cash for a piece of equipment. The list price was $9,100, but after negotiation the final was $8,700 4. Revenues earned During the year, Thomas Company earned revenues totaling $ 296,600. The cash has been…
Consider the following accounts: aClick the icon to view the accounts.) Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, OE for Statement of Owner's Equity, B for Balance Sheet, and C for Statement of Cash Flows. (If an input field is not used in the table leave the input field empty; do not select a label.) Financial statement(s) account appears on Accounts Payable а. b. Cash c. Owner, Capital d. Accounts Receivable e. Rent Expense f. Service Revenue g. Office Supplies h. Owner, Withdrawals i. Land j. Salaries Expense
Please! help me with this question
What is the name of the system of accounting for recording transactions, based on recording increases and decreases in accounts so that debits equal credits. Group of answer choices income statement system asset system double-entry accounting system accounting equation system
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
Each transaction must __________ in order for the basic accounting equation to stay in balance. Select answer from the options below affect two or more accounts affect two or fewer accounts always affect exactly two accounts affect the same number of asset and liability accounts
Please see below. I need help with this asap please and thank you. Please include the account credited and the account debited sides.
please see attached - thank you in advance
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…
Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction