### Exercise 1-13 (Algo) Identifying Effects of Transactions on the Accounting Equation LO P1The following table illustrates the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description.#### Assets- **Cash:** $29,000 -> -$4,800 -> unchanged -> unchanged -> -$1,080 -> unchanged -> $25,420- **Accounts Receivable:** $0 -> unchanged -> unchanged -> +$2,300 -> unchanged -> +$2,300 -> unchanged- **Supplies:** $3,800 -> unchanged -> +$1,080 -> unchanged -> unchanged -> $4,880- **Land:** $23,000 -> + $4,800 -> unchanged -> unchanged -> unchanged -> unchanged -> $27,800#### Liabilities- **Accounts Payable:** $0 -> unchanged -> +$1,080 -> unchanged -> -$1,080 -> unchanged -> $0#### Equity- **Common Stock:** $55,800 -> unchanged -> unchanged -> unchanged -> unchanged -> unchanged- **Revenues:** $0 -> unchanged -> unchanged -> +$2,300 -> unchanged -> unchanged -> $2,300Total After Transactions:- **Cash:** $25,420- **Accounts Receivable:** $0- **Supplies:** $4,880- **Land:** $27,800- **Accounts Payable:** $0- **Common Stock:** $55,800- **Revenues:** $2,300#### Transactions and DescriptionsBelow is a blank table for you to match the transactions to their probable descriptions.| Transaction | Description ||-------------|--------------|| 1 | || 2 | || 3 | || 4 | || 5 | |This exercise helps in understanding how different transactions impact various components of the accounting equation.

Accounting equation is the basic equation which is used to prepare the financial statements of an…

The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. Assets = Liabilities + Accounts Equity + Accounts Receivable + $0 + Supplies + Land Payable Cash $ 29,000 + -4,800 Common Stock $0 + $ 55,800 + + Revenues $ 3,800 + $ 23,000 = $0 1. 4,800 2. 1,080 +1,080 3. 2,300 4. -1,080 -1,080 5. +2, 300 - 2,300 $ 25,420 + $0 $ 4,880 + $ 27,800 $0 $ 55,800 Transaction Description 1. 2. 3. 4. 5. + = + + 2,300 $ 2,300

The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. Assets = Liabilities + Accounts Equity + Accounts Receivable + $0 + Supplies + Land Payable Cash $ 29,000 + -4,800 Common Stock $0 + $ 55,800 + + Revenues $ 3,800 + $ 23,000 = $0 1. 4,800 2. 1,080 +1,080 3. 2,300 4. -1,080 -1,080 5. +2, 300 - 2,300 $ 25,420 + $0 $ 4,880 + $ 27,800 $0 $ 55,800 Transaction Description 1. 2. 3. 4. 5. + = + + 2,300 $ 2,300

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5P: Working Capital and Current Ratio The balance sheet of Stevenson Inc. includes the following items:...

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