SavedQS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1The following transactions wére completed by the company.a. The owner invested $16,800 cash in the company in exchange for its common stock.b. The company purchased supplies for $950 cash.c. The owner invested $10,900 of equipment in the company in exchange for more common stock.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 aminus sign.)AssetsLiabilities%3DEquityCashSupplies+ EquipmentAccountsCommonLand+PayableStockDividendsRevenueExpensesa.+ :b.%3DBal.C.%3DBal.%3Dd.%3DBal.%3De.%3DBal.%3D++++| +|+ + + ++++ +++ +++ ++-++

The accounting equation Total Assets = Total Liabilities + Shareholders equity For every…

Answered: ual items of the accounting equation.…

ual items of the accounting equation. (Enter decreases to account bala Liabilities %3D Equity Land Accounts Common Dividends %3D + Pavable Stock Reve

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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Question

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QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1
The following transactions wére completed by the company.
a. The owner invested $16,800 cash in the company in exchange for its common stock.
b. The company purchased supplies for $950 cash.
c. The owner invested $10,900 of equipment in the company in exchange for more common stock.
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
%3D
Equity
Cash
Supplies
+ Equipment
Accounts
Common
Land
+
Payable
Stock
Dividends
Revenue
Expenses
a.
+ :
b.
%3D
Bal.
C.
%3D
Bal.
%3D
d.
%3D
Bal.
%3D
e.
%3D
Bal.
%3D
+++
+| +
|+ + + +
+++ +
++ +
++ ++-
++

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