The following transactions were completed by the company a. The owner (Alex Carr) invested $16,800 cash in the company b. The company purchased supplies for $950 cash c. The owner (Alex Carr) invested $10,900 of equipment in the company d. The company purchased $290 of additional supplies on credit e. The company purchased land for $9,900 cash Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign) Assets = Liabilities + Equity Cash + Supplies + Equipment + Land = Accounts Payable + A. Carr, Capital − A. Carr, Withdrawals + Revenue − Expenses a. + + + = + − + − b. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0 c. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0 d. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0 e. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0
The following transactions were completed by the company a. The owner (Alex Carr) invested $16,800 cash in the company b. The company purchased supplies for $950 cash c. The owner (Alex Carr) invested $10,900 of equipment in the company d. The company purchased $290 of additional supplies on credit e. The company purchased land for $9,900 cash Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign) Assets = Liabilities + Equity Cash + Supplies + Equipment + Land = Accounts Payable + A. Carr, Capital − A. Carr, Withdrawals + Revenue − Expenses a. + + + = + − + − b. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0 c. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0 d. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0 e. + + + = + − + − Bal. 0 + 0 + 0 + 0 = 0 + 0 − 0 + 0 − 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
The following transactions were completed by the company
a. The owner (Alex Carr) invested $16,800 cash in the company
b. The company purchased supplies for $950 cash
c. The owner (Alex Carr) invested $10,900 of equipment in the company
d. The company purchased $290 of additional supplies on credit
e. The company purchased land for $9,900 cash
Required:
Enter the impact of each transaction on individual items of the
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education