Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $100,000 cash. b. Borrowed $60,000 from a bank. c. Purchased equipment for $42,000 cash. d. Prepaid rent on office space for 6 months in the amount of $9,000. e. Performed consulting services in exchange for $7,100 cash. f. Performed consulting services on credit in the amount of $19,250. g. Incurred and paid wage expense of $10,200. h. Collected $13,500 of the receivable arising from Transaction f. i. Purchased supplies for $1,680 on credit. j. Used $1,100 of the supplies purchased in Transaction i. k. Paid for all of the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero.

Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $100,000 cash. b. Borrowed $60,000 from a bank. c. Purchased equipment for $42,000 cash. d. Prepaid rent on office space for 6 months in the amount of $9,000. e. Performed consulting services in exchange for $7,100 cash. f. Performed consulting services on credit in the amount of $19,250. g. Incurred and paid wage expense of $10,200. h. Collected $13,500 of the receivable arising from Transaction f. i. Purchased supplies for $1,680 on credit. j. Used $1,100 of the supplies purchased in Transaction i. k. Paid for all of the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero.

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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