Transaction AnalysisGoal Systems, a business consulting firm, engaged in the following transactions:a. Issued common stock for $100,000 cash.b. Borrowed $60,000 from a bank.c. Purchased equipment for $42,000 cash.d. Prepaid rent on office space for 6 months in the amount of $9,000.e. Performed consulting services in exchange for $7,100 cash,f. Performed consulting services on credit in the amount of $19,250.9. Incurred and paid wage expense of $10,200.h. Collected $13,500 of the receivable arising from Transaction f1. Purchased supplies for $1,680 on credit.3. Used $1,100 of the supplies purchased in Transaction ik. Paid for all of the supplies purchased in Transaction 1.Required:For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave itblank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (ie. Asset, Liability), enter "0" since the neteffect on the item is zero.a.b.Cd.e.f.9h.AssetsW Liabilities. +Stockholders' EquityContributedCapital+RetainedEarnings a.b.C.d.9.h.j.k.Assets00011LiabilitiesStockholders' EquityContributedCapital000⁰00Retained+ Earnings

Name: Transaction AnalysisGoal Systems, a business consulting firm, engaged
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Transaction AnalysisGoal Systems, a business consulting firm, engaged in the following transactions:a. Issued common stock for $100,000 cash.b. Borrowed $60,000 from a bank.c. Purchased equipment for $42,000 cash.d. Prepaid rent on office space for

ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…

Business

Accounting

Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (ie. Asset, Liability), enter "0" since the net effect on the item is zero. b. C. d. e. t. 9- Assets . Liabilities + Stockholders' Equity Contributed Capital Retained Earnings

Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (ie. Asset, Liability), enter "0" since the net effect on the item is zero. b. C. d. e. t. 9- Assets . Liabilities + Stockholders' Equity Contributed Capital Retained Earnings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Payment is made to trade creditors for previous purchases
2) Accounts receivable erroneously debited to note receivable Effect on retained earnings -Since these are asset accounts there exists no effect on net income of the entity. Can you explain this? Should it be retained earnings instead of net income?
69. Claim against assets are represented by____.I am not satisfy give downvote A. saved earning B. retained earnings C. maintained earnings D.saving account earning
What is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
‏Find out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choice
Dd.15.
The primary purpose of the balance sheet is to: O measure the net income of a busniess up to a particular point in time. O report the difference between cash inflows and cash outflows for the period. O report the financial position of athe reporting entity at a particular point in time. O report revenues and expenses for a period of time. DEREN 11
Recording bad debt expense under the allowance method will have what effect on the financial statements? Select one: a. Profit is unchanged and total assets decrease b. Profit decreases and total assets is unchanged c. Profit is unchanged and total assets is unchanged d. Profit increases and total assets decrease e. Profit decreases and total assets decrease
5. The following items affect the retained earnings account, except Group of answer choices a. net income or loss for the period b. prior period errors c. realization of revaluation surplus d. effect of change in accounting estimate
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv
Answers the questions below and provide a solution.