QUESTION 1 Par for the Course, Inc., issued $80,000 of promissory notes in exchange for land. Show the effect of this transaction on total Assets Liabilities and/or Shareholders' Equity and the account titles. If no effect, select "$0 No Effect". A. $80,000 Land Assets В. $80,000 Notes Payable Liabilities C. $0 No Effect Shareholders' Equity D. $(80,000) Notes Payable E. $(80,000) Cash F. $80,000 Stock G.c 3. $80,000 Cash H. s(80,000) Land I. $(80,000) Stock

QUESTION 1 Par for the Course, Inc., issued $80,000 of promissory notes in exchange for land. Show the effect of this transaction on total Assets Liabilities and/or Shareholders' Equity and the account titles. If no effect, select "$0 No Effect". A. $80,000 Land Assets В. $80,000 Notes Payable Liabilities C. $0 No Effect Shareholders' Equity D. $(80,000) Notes Payable E. $(80,000) Cash F. $80,000 Stock G.c 3. $80,000 Cash H. s(80,000) Land I. $(80,000) Stock

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Description: QUESTION 1Par for the Course, Inc., issued $80,000 of promissory notes in exchange for land. Show the effect of this transaction on total Assets,Liabilities and/or Shareholders' Equity and the account titles. If no effect, select "$0 No Effect".v As

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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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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