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The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets Liabilities + Equity Transactions Number Cash Supplies Equipment + Land Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + b. + + + + Balance after a and b 0+ 0+ 0+ 0 0+ 0 0+ 0 C. + + = + + Balance after c 0+ d. Balance after d 0+ e. + ++ 0+ + 0+ 0 + 0 0+ 0 0+ 0 + + 0 = 0+ 0 0+ 0

The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets Liabilities + Equity Transactions Number Cash Supplies Equipment + Land Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + b. + + + + Balance after a and b 0+ 0+ 0+ 0 0+ 0 0+ 0 C. + + = + + Balance after c 0+ d. Balance after d 0+ e. + ++ 0+ + 0+ 0 + 0 0+ 0 0+ 0 + + 0 = 0+ 0 0+ 0

FINANCIAL ACCOUNTING
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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The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets = Liabilities + Equity Transactions Number Cash Supplies + Equipment + Land = Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + + + = + b. + + + + + Balance after a and b 0+ 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 C. + + + = + + Balance after c 0 + 0 + 0 + 0 = 0 + 0 0 + 0 0 d. + + + = + - + Balance after d 0 + 0+ 0 + 0 = 0 + 0 - 0 + 0 - 0 e. + + + = + - + Balance after e 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 0
Transcribed Image Text:The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets = Liabilities + Equity Transactions Number Cash Supplies + Equipment + Land = Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + + + = + b. + + + + + Balance after a and b 0+ 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 C. + + + = + + Balance after c 0 + 0 + 0 + 0 = 0 + 0 0 + 0 0 d. + + + = + - + Balance after d 0 + 0+ 0 + 0 = 0 + 0 - 0 + 0 - 0 e. + + + = + - + Balance after e 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 0
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