The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match eachtransaction with its probable description.1.2.3.4.5.1Cash$ 28,000 +4,7003.4.5.Transaction1.001,0702,250$ 24,480AAssetsAccountsReceivable$ 0002,25002,250$ 0715Supplies$ 3,70001,07000$ 4,770Description+++Land$ 22,5004,7000000$ 27,200Liabilities++Accounts Payable +$001,07001,0700$ 0EquityMulan,Capital$ 54,200 +100000$ 54,200Revenues002,25000$ 2,250

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Description: The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match eachtransaction with its probable description.1.2.3.4.5.1Cash$ 28,000 +4,7003.4.5.Transaction1.001,0702,250$ 24,480AAss

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

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The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match eac transaction with its probable description. 1. 2. 3. 4. - 5. + Cash $ 28,000 + 4,700 0 0 1,070 2,250 $ 24,480 + Transaction 1 Assets Accounts Receivable + Supplies $ 3,700 + 0 1,070 0 0 0 $ 4,770 $0 0 0 2,250 0 2,250 $0 + Description Land + $ 22,500 + 4,700 0 0 0 0 $ 27,200 Liabilities Accounts Payable + $0 + 0 + + 1,070 0 1,070 0 $0 + Mulan, Capital Equity + $ 54,200 + 0 0 0 0 0 $ 54,200 Revenues $0 0 0 2,250 0 0 + $ 2,250

The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match eac transaction with its probable description. 1. 2. 3. 4. - 5. + Cash $ 28,000 + 4,700 0 0 1,070 2,250 $ 24,480 + Transaction 1 Assets Accounts Receivable + Supplies $ 3,700 + 0 1,070 0 0 0 $ 4,770 $0 0 0 2,250 0 2,250 $0 + Description Land + $ 22,500 + 4,700 0 0 0 0 $ 27,200 Liabilities Accounts Payable + $0 + 0 + + 1,070 0 1,070 0 $0 + Mulan, Capital Equity + $ 54,200 + 0 0 0 0 0 $ 54,200 Revenues $0 0 0 2,250 0 0 + $ 2,250

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each
transaction with its probable description.
1.
2.
3.
4.
5.
1
Cash
$ 28,000 +
4,700
3.
4.
5.
Transaction
1.
0
0
1,070
2,250
$ 24,480
A
Assets
Accounts
Receivable
$ 0
0
0
2,250
0
2,250
$ 0
715
Supplies
$ 3,700
0
1,070
0
0
$ 4,770
Description
+++
Land
$ 22,500
4,700
0
0
0
0
$ 27,200
Liabilities
+
+
Accounts Payable +
$0
0
1,070
0
1,070
0
$ 0
Equity
Mulan,
Capital
$ 54,200 +
10
0
0
0
0
$ 54,200
Revenues
0
0
2,250
0
0
$ 2,250

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