e following transactions were completed by the company. The owner invested $17,400 cash in the company. The company purchased supplies for $1,100 cash. E. The owner invested $11,200 of equipment in the company in exchange for more common stock. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e $ Cash 17,400 + (1,100) + $ 1,100+ 16,300 + 1,100+ 16,300 + Supplies + Equipment + Land 16,300 + 16,300 + + Assets + + ++++ 1,100+ 320 1,420 + + + 1,420 + 0 $ 11,200 11,200 11,200 11,200 + ++++++++ 0 0 0 $10,200 10,200 = = = = = = = = = . = Liabilities + Accounts Payable $ + + $ 17,400 + 0 + + Common Stock 0 + 320 + + 320 0 320 + + 17,400 11,200 28,600 28,600 28,600 - - - - - - - Equity Dividends + Revenue 0 0 + 0 + + 0 + + + + + 0 0 0 0 - - - Expenses 0 0 0 0

e following transactions were completed by the company. The owner invested $17,400 cash in the company. The company purchased supplies for $1,100 cash. E. The owner invested $11,200 of equipment in the company in exchange for more common stock. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e $ Cash 17,400 + (1,100) + $ 1,100+ 16,300 + 1,100+ 16,300 + Supplies + Equipment + Land 16,300 + 16,300 + + Assets + + ++++ 1,100+ 320 1,420 + + + 1,420 + 0 $ 11,200 11,200 11,200 11,200 + ++++++++ 0 0 0 $10,200 10,200 = = = = = = = = = . = Liabilities + Accounts Payable $ + + $ 17,400 + 0 + + Common Stock 0 + 320 + + 320 0 320 + + 17,400 11,200 28,600 28,600 28,600 - - - - - - - Equity Dividends + Revenue 0 0 + 0 + + 0 + + + + + 0 0 0 0 - - - Expenses 0 0 0 0

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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