Chapter 2, Problem 2.5S

(Learning Objective 2: Show the impact of transactions on the accounting equation) Complete the following chart to show the impact on the accounting equation from each transaction.

Date	Description	Assets		Liabilities		Stockholders’ equity
		Increase	Decrease	Increase	Decrease	Increase	Decrease
Jan 2	Purchased office supplies on account for $500
Jan 4	Issued common stock for cash for $5,000
Jan 10	Performed services on account for $2,000
Jan 15	Paid amount owed to vendor for the office supplies purchased on account on January 2
Jan 18	Performed services for cash $200
Jan 21	Received cash for payment on account from revenue on January 10
Jan 31	Paid employees for monthly payroll $1,500