Transaction AnalysisGoal 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 $19,250.9. Incurred and paid wage expense of $10,200.h. Collected $13,500 of the receivable arising from Transaction f1. Purchased supplies for $1,680 on credit.3. Used $1,100 of the supplies purchased in Transaction ik. Paid for all of the supplies purchased in Transaction 1.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 itblank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (ie. Asset, Liability), enter "0" since the neteffect on the item is zero.a.b.Cd.e.f.9h.AssetsW Liabilities. +Stockholders' EquityContributedCapital+RetainedEarnings a.b.C.d.9.h.j.k.Assets00011LiabilitiesStockholders' EquityContributedCapital000⁰00Retained+ Earnings

Name: Transaction AnalysisGoal Systems, a business consulting firm, engaged
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Description: Transaction AnalysisGoal 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

ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…

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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 (ie. Asset, Liability), enter "0" since the net effect on the item is zero. b. C. d. e. t. 9- Assets . Liabilities + Stockholders' Equity Contributed Capital Retained Earnings

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 (ie. Asset, Liability), enter "0" since the net effect on the item is zero. b. C. d. e. t. 9- Assets . Liabilities + Stockholders' Equity Contributed Capital Retained Earnings

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,100 cash. b. The company completed commission work for a client and sent a bill for $5,600 to be received within 30 days. c. The company paid an assistant $2,200 cash as wages for the period. d. The company collected $2,800 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,020 cash for this period's cleaning services. 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 Transactions Number Accounts Accounts Owner, Cash Receivable Payable Capital a. %3D b. %3D Balance after a and b + C. + %3D Balance afterc %3D d. %3D Balance after d + %3D е. + %3D Balance after e $ $ $ $ + %3D + +
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