Required information (The following information applies to the questions displayed below.) Rawlco Communications operates 15 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $3.200. Supplier intends to deliver later in the month. b. Purchased equipment that cost $37,000; paid $15,000 cash and signed a promissory note to pay $22,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account. d. Hired a new finance manager on the last day of the month. e. Received an investment of $9,000 cash from the company's owners in exchange for issuing common shares. E. Supplies [ordered in (a)] were received, along with a bill for $3.200. Required: 1. Indicate the specific account, amount, and direction of effects for each transaction on the radio station's accounting equation. If an event is not considered a transaction, leave the account, amount and direction of effects blank. (Enter any decreases to account balances with a minus sign.)
Required information (The following information applies to the questions displayed below.) Rawlco Communications operates 15 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $3.200. Supplier intends to deliver later in the month. b. Purchased equipment that cost $37,000; paid $15,000 cash and signed a promissory note to pay $22,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account. d. Hired a new finance manager on the last day of the month. e. Received an investment of $9,000 cash from the company's owners in exchange for issuing common shares. E. Supplies [ordered in (a)] were received, along with a bill for $3.200. Required: 1. Indicate the specific account, amount, and direction of effects for each transaction on the radio station's accounting equation. If an event is not considered a transaction, leave the account, amount and direction of effects blank. (Enter any decreases to account balances with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
7
(The following information applies to the questions displayed below.]
Rawlco Communications operates 15 radio stations. The following events occurred during September.
a. Placed an order for office supplies costing S3,200. Supplier intends to deliver later in the month.
b. Purchased equipment that cost $37,000; paid $15,000 cash and signed a promissory note to pay $22,000 in one
Part 1 of 3
month.
c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account.
d. Hired a new finance manager on the last day of the month.
e. Received an investment of $9,000 cash from the company's owners in exchange for issuing common shares.
E. Supplies [ordered in (a)] were received, along with a bill for $3,200.
Required:
1. Indicate the specific account, amount, and direction of effects for each transaction on the radio station's accounting equation. If an
event is not considered a transaction, leave the account, amount and direction of effects blank. (Enter any decreases to account
balances with a minus sign.)
Assets
Liabilities
Stockholders' Equity
a.
b.
=
b.
+
C.
d.
e.
f.
Totals](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F025936e2-faf6-475a-a649-f2553ce93581%2Fbbe65b03-7b29-403d-94e0-ff1c15499be8%2F5qdh2c5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
7
(The following information applies to the questions displayed below.]
Rawlco Communications operates 15 radio stations. The following events occurred during September.
a. Placed an order for office supplies costing S3,200. Supplier intends to deliver later in the month.
b. Purchased equipment that cost $37,000; paid $15,000 cash and signed a promissory note to pay $22,000 in one
Part 1 of 3
month.
c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account.
d. Hired a new finance manager on the last day of the month.
e. Received an investment of $9,000 cash from the company's owners in exchange for issuing common shares.
E. Supplies [ordered in (a)] were received, along with a bill for $3,200.
Required:
1. Indicate the specific account, amount, and direction of effects for each transaction on the radio station's accounting equation. If an
event is not considered a transaction, leave the account, amount and direction of effects blank. (Enter any decreases to account
balances with a minus sign.)
Assets
Liabilities
Stockholders' Equity
a.
b.
=
b.
+
C.
d.
e.
f.
Totals
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