Olive Enterprises experienced the following events during Year 3: 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required Indicate how each of the above events would affect the accounting equation by selecting "Increase" or elements of the accounting equation. Leave blank for no effect. If an event increases one account and equally within the same component, select "Both". The first event is shown as an example. Note: Not all cells will require input. Event Number 1. 2. 3. 4. 5. 6. Assets Increase Increase Decrease Both = = OLIVE ENTERPRISES Accounting Equation Liabilities + + + + + ++ Stockholders' Equity Common Stock Increase + + + + + + Retained Earnings

Olive Enterprises experienced the following events during Year 3: 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required Indicate how each of the above events would affect the accounting equation by selecting "Increase" or elements of the accounting equation. Leave blank for no effect. If an event increases one account and equally within the same component, select "Both". The first event is shown as an example. Note: Not all cells will require input. Event Number 1. 2. 3. 4. 5. 6. Assets Increase Increase Decrease Both = = OLIVE ENTERPRISES Accounting Equation Liabilities + + + + + ++ Stockholders' Equity Common Stock Increase + + + + + + Retained Earnings

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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Select all that apply Show the effect of recording the borrowing of $10,000 from a bank on the accounting equation. Stockholders' equity increases Stockholders' equity decreases Assets decrease Assets increase Liabilities increase by $10,000. (Select all that apply.)
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