Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit. 2. Issue $85,000 in stock. 3. Borrow $63,000 from a bank. 4. Pay $5,000 owed to a supplier. 5. Receive payment of $12,000 owed by a customer. 6. Purchase equipment for $44,000 in cash. 7. Pay $7,000 owed to a supplier. What is the net change in total liabilities?

Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit. 2. Issue $85,000 in stock. 3. Borrow $63,000 from a bank. 4. Pay $5,000 owed to a supplier. 5. Receive payment of $12,000 owed by a customer. 6. Purchase equipment for $44,000 in cash. 7. Pay $7,000 owed to a supplier. What is the net change in total liabilities?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock 5. Pay $8,000 owed to a supplier 6. Borrow $55,000 from a bank 7. Buy $17,000 worth of manufacturing supplies on credit What is the net change in Total Equity?
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am. 110.
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