Fill out the following chart to show the impact on the accounting equation from each transaction. (Select an "X" in each applicable input field. If an input field is not used in the table, leave the field empty.)AssetsLiabilitiesStockholders' equityDateDescriptionIncreaseDecreaseIncreaseDecreaseIncreaseDecreaseJan 2Purchased office supplies on account for $500Jan 4Issued common stock for cash for $5,000Jan 10 Performed services on account for $2,000.Jan 15 Paid amount owed to vendor for the officesupplies purchased on account on January 2

Name: Fill out the following chart to show the impact on the accounting equ
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Description: Fill out the following chart to show the impact on the accounting equation from each transaction. (Select an "X" in each applicable input field. If an input field is not used in the table, leave the field empty.)AssetsLiabilitiesStockholders' equity

We know that the accounting equation Assets = Liabilities + Shareholders equity Therefore, we can…

Business

Accounting

Fill out the following chart to show the impact on the accounting equation from each transaction. (Select an "X" in each applicable input field. If an input field is not used in the table, leave the field empty.) Assets Stockholders' equity Liabilities Date Jan 2 Description Purchased office supplies on account for $500 Increase Decrease Increase Decrease Increase Decrease Jan 4 Issued common stock for cash for $5,000 Jan 10 Performed services on account for $2,000. Jan 15 Paid amount owed to vendor for the office supplies purchased on account on January 2

Fill out the following chart to show the impact on the accounting equation from each transaction. (Select an "X" in each applicable input field. If an input field is not used in the table, leave the field empty.) Assets Stockholders' equity Liabilities Date Jan 2 Description Purchased office supplies on account for $500 Increase Decrease Increase Decrease Increase Decrease Jan 4 Issued common stock for cash for $5,000 Jan 10 Performed services on account for $2,000. Jan 15 Paid amount owed to vendor for the office supplies purchased on account on January 2

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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ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
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