Tamarisk Computer had the following transactions during the month of May.1. Purchased equipment on account for $11, 100.2. Paid $1,790 for rent for the month of May.3. Performed computer services for $ 4,170 on account.4. Paid Buffalo Hydro $390 cash for utilities used in May.5. Borrowed a note payable $ 23,700 from the bank.6. Paid supplier for equipment purchased in transaction (1).7. Purchased a one-year insurance policy for $740 cash.8. Received $3,300 cash in partial payment of the account owed in transaction (3).9. Declared and paid $740 of dividends to stockholders.10. Paid incomes taxes of $350 for the month.Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put exp revenues or expenses in the right-hand margin.
Tamarisk Computer had the following transactions during the month of May.1. Purchased equipment on account for $11, 100.2. Paid $1,790 for rent for the month of May.3. Performed computer services for $ 4,170 on account.4. Paid Buffalo Hydro $390 cash for utilities used in May.5. Borrowed a note payable $ 23,700 from the bank.6. Paid supplier for equipment purchased in transaction (1).7. Purchased a one-year insurance policy for $740 cash.8. Received $3,300 cash in partial payment of the account owed in transaction (3).9. Declared and paid $740 of dividends to stockholders.10. Paid incomes taxes of $350 for the month.Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put exp revenues or expenses in the right-hand margin.
Cornerstones of Financial Accounting
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Publisher:Jay Rich, Jeff Jones
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
Transcribed Image Text:Tamarisk Computer had the following transactions during the month of May.1. Purchased equipment on
account for $11, 100.2. Paid $1,790 for rent for the month of May.3. Performed computer services for $
4,170 on account.4. Paid Buffalo Hydro $390 cash for utilities used in May.5. Borrowed a note payable $
23,700 from the bank.6. Paid supplier for equipment purchased in transaction (1).7. Purchased a one-year
insurance policy for $740 cash.8. Received $3,300 cash in partial payment of the account owed in
transaction (3).9. Declared and paid $740 of dividends to stockholders.10. Paid incomes taxes of $350 for
the month.Using the following tabular analysis, show the effect of each transaction on the accounting
equation. Put exp revenues or expenses in the right-hand margin.
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