Determine the Impact to the accounting equation related to Transactions each transaction 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and 1 carrying a mortgage on the balance. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3 The company purchased a 1 year insurance policy for $3,600 4 The company purchased $2,400 of supplies 15 The company received $40,000 for 10 service jobs to be completed in the future Jan. Jan. Jan. Jan. Jan. Jan. Jan. 16 The company hired an employee The company sold inventory for $60,000 receiving 15,000 in cash and the remainder on account; record the sale Jan. 17 first. 17 The inventory sold was worth 20,000; record the reduction of inventory second 24 The company completed 3 service jobs for $5,000 each. (Not related to the entry on January 15). Jan. Jan. X Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15 図回回回区区

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Determine the Impact to the accounting equation related to
Transactions
each transaction
1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation
The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and
1 carrying a mortgage on the balance.
2 The company purchased 1,000 units of inventory at $50 per unit on account.
3 The company purchased a 1 year insurance policy for $3,600
4 The company purchased $2,400 of supplies
15 The company received $40,000 for 10 service jobs to be completed in the future
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
16 The company hired an employee
The company sold inventory for $60,000 receiving 15,000 in cash and the remainder on account; record the sale
Jan.
17 first.
17 The inventory sold was worth 20,000; record the reduction of inventory second
24 The company completed 3 service jobs for $5,000 each. (Not related to the entry on January 15).
Jan.
Jan.
X Jan.
29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15
図回回回区区
Transcribed Image Text:Determine the Impact to the accounting equation related to Transactions each transaction 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and 1 carrying a mortgage on the balance. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3 The company purchased a 1 year insurance policy for $3,600 4 The company purchased $2,400 of supplies 15 The company received $40,000 for 10 service jobs to be completed in the future Jan. Jan. Jan. Jan. Jan. Jan. Jan. 16 The company hired an employee The company sold inventory for $60,000 receiving 15,000 in cash and the remainder on account; record the sale Jan. 17 first. 17 The inventory sold was worth 20,000; record the reduction of inventory second 24 The company completed 3 service jobs for $5,000 each. (Not related to the entry on January 15). Jan. Jan. X Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15 図回回回区区
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education