Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction ("+" for an increase,"-" for a decrease, or "NC" for no change) in each box of the table below. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positivenumbers.Owner's EquityTransactionAssetsLiabilitiesa. Shiny Kar withdrew $500 cash for food.Shiny Kar Company sold 2 cars for a total ofb.$55,000 on account.Shiny Kar received a $35,000 payment for a carC.$4previously sold on account.d. Shiny Kar paid $450 for advertising.Shiny Kar purchased $150 of cleaning supplies one.account.

Following table shows the effect of given transactions:

Answered: Shiny Kar Company had the following…

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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