ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator-assignment-take&lhpluyl s: 4/7 items nt Score: 31.41% eBook Nature of transactions Show Me How Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Stockholders' Equity Assets =1 Liabilities + Bal. 40,800 Cash + Supplies + 5,300 Land = Accounts Payable + Common Stock + Retained Earnings Dividends + Fees Earned Expenses 102,000 11,000 72,100 65,000 47,700 1. +47,700 2. -20,400 +20,400 -35,500 3. -35,500 4. +2,000 +2,000 -2,700 5. -2,700 6. -9,800 -9,800 7. -4,100 Bal. 20,100 3,200 122,400 3,200 72,100 65,000 -2,700 47,700 -4,100 .-39,600 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2., a. (3) Select the description for transaction 3. Check My Work 5 more Check My Work uses remaining. Previous Next Save and Exit All work saved. Submit Assignment for Grading Q Search ADI A ENG 9:57 PM 8/18/2024
ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator-assignment-take&lhpluyl s: 4/7 items nt Score: 31.41% eBook Nature of transactions Show Me How Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Stockholders' Equity Assets =1 Liabilities + Bal. 40,800 Cash + Supplies + 5,300 Land = Accounts Payable + Common Stock + Retained Earnings Dividends + Fees Earned Expenses 102,000 11,000 72,100 65,000 47,700 1. +47,700 2. -20,400 +20,400 -35,500 3. -35,500 4. +2,000 +2,000 -2,700 5. -2,700 6. -9,800 -9,800 7. -4,100 Bal. 20,100 3,200 122,400 3,200 72,100 65,000 -2,700 47,700 -4,100 .-39,600 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2., a. (3) Select the description for transaction 3. Check My Work 5 more Check My Work uses remaining. Previous Next Save and Exit All work saved. Submit Assignment for Grading Q Search ADI A ENG 9:57 PM 8/18/2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator-assignment-take&lhpluyl
s: 4/7 items
nt Score: 31.41%
eBook
Nature of transactions
Show Me How
Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a
transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income.
Stockholders' Equity
Assets
=1
Liabilities +
Bal. 40,800
Cash + Supplies +
5,300
Land
=
Accounts Payable +
Common Stock + Retained Earnings
Dividends + Fees Earned
Expenses
102,000
11,000
72,100
65,000
47,700
1.
+47,700
2.
-20,400
+20,400
-35,500
3.
-35,500
4.
+2,000
+2,000
-2,700
5.
-2,700
6.
-9,800
-9,800
7.
-4,100
Bal.
20,100
3,200
122,400
3,200
72,100
65,000
-2,700
47,700
-4,100
.-39,600
a. (1) Select the description for transaction 1.
a. (2) Select the description for transaction 2.,
a. (3) Select the description for transaction 3.
Check My Work 5 more Check My Work uses remaining.
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Next
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A
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8/18/2024
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