QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner invested $17,200 cash in the company in exchange for its common stock. b. The company purchased supplies for $1,050 cash. c. The owner invested $11,100 of equipment in the company in exchange for more common stock. d. The company purchased $310 of additional supplies on credit. e. The company purchased land for $10,100 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a ninus sign.)
QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner invested $17,200 cash in the company in exchange for its common stock. b. The company purchased supplies for $1,050 cash. c. The owner invested $11,100 of equipment in the company in exchange for more common stock. d. The company purchased $310 of additional supplies on credit. e. The company purchased land for $10,100 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a ninus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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This question deals with the balance sheet equation.
As per balance sheet equation, asset is always equals to equity plus liabilities.
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